Morty Mortgage Review 2022

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At a glance

Morty

NMLS: 1429243

4.4

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Bankrate Score

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Loans offered

Conventional, jumbo, fixed-rate, adjustable-rate; rate-and-term refinancing (only if you closed your original purchase with Morty)
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Nationwide availability

Available in 43 states and Washington, D.C.; not available in Arizona, Hawaii, Massachusetts, Missouri, Nevada, Rhode Island and Utah
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Min. credit score required

620 for conventional loans; 620 for jumbo loans

Pros and cons

Pros

  • Easy online process
  • Offers five-minute preapprovals as well as applications in less than 15 minutes
  • Excellent past customer reviews

Cons

  • Doesn’t offer government-backed loans
  • Limited refinancing options
  • Doesn’t disclose fee structure online

Morty overview

Founded in 2016, Morty is an online mortgage broker based in New York City. The brokerage has processed more than $1.2 billion in loans in its six-year history, and it prides itself on a quick online process with fast preapproval verifications and applications that take less than 15 minutes to complete. The brokerage can help borrowers access more than 1,500 loan options based on their individual needs. One notable piece of the brokerage’s mortgage offering is a promise to meet your closing date on time. If you don’t and the delay is Morty’s fault, the brokerage will either waive your appraisal fee or waive its entire commission. Closings can happen in as little as three weeks.

Good for

Borrowers with strong credit scores who are looking for a conventional or jumbo loan up to $2 million

Loan types

  • Conventional
  • Jumbo
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term refinancing

Lender fees

Morty charges a commission fee, but the exact price or percentage is unclear. However, the brokerage does not charge a fee for a credit check or for locking your loan.

Rates

On its website, Morty displays transparent sample rates that you can customize with a few key details: purchase price, down payment, zip code and estimated credit score. For a specific loan estimate, you’ll need to share additional details and sign up with your email address.

Reputation

Past customers who have worked with Morty for their mortgage needs give it high marks: The brokerage has a 4.6 (excellent) rating based on 200 customer reviews on Trustpilot.

Online services

Morty’s aim is to deliver a tech-focused mortgage experience, so, not surprisingly, the brokerage offers a robust digital program for getting preapproved and submitting your financial documentation. Every document can be signed electronically. There is also an online chat functionality that allows you to interact with Morty representatives, although their availability might be limited to the brokerage’s standard business hours of 9 a.m. to 7 p.m. (Eastern time) Monday through Friday.

Minimum borrower requirements

To get a loan through Morty, you’ll need a credit score of at least 620. Additionally, your debt-to-income ratio cannot exceed 43 percent, and you can have no more than one 30-day past-due payment in the last 12 months. The brokerage is ideal if you have steady employment with the same employer over the past two years. If you’re a small business owner or have variable income, you’ll need to show more evidence of your personal finances and could face some additional challenges getting approved.

You’ll need to have a minimum down payment of 3 percent if you’re a first-time homebuyer. If you’ve purchased a home before, that number jumps to 5 percent. If you’re planning on buying a two-unit property (duplex), you’ll need 15 percent of the purchase price, and for three- and four-unit properties, 20 percent down at minimum.

Refinancing with Morty

If you’re looking to refinance your existing mortgage, the only way you can do it with Morty is if your original mortgage was obtained through the brokerage. It’s unclear what fees apply for refinancing. The brokerage also offers recasting, which doesn’t involve a new application but can lower your monthly payment and total interest for a cost, typically around $10,000.

Not sure if Morty is right for you? Consider these alternatives

Breakdown of Morty overall review score

  • Affordability: 4/5
  • Availability: 5/5
  • Borrower experience: 4.3/5

Review methodology

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.

Morty consumer reviews

4.2

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6 reviews

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4
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Customer service rating

Knowledge
4.5
Level of service
4.3
Professionalism
4.3
Responsiveness
4.3

83% of reviews would recommend this lender

5 of 5 rates honored

Review this lender

Write a review of your experience with Morty.

5 of 5 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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A Great Service!

Ramesh A. | NY | 10/11/2021

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Amazing communication!

Greg P | New Jersey | 1/26/2022

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Will use again!

Will Use again! | Portland OR | 2/8/2022

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Morty had great rates

Morty has the best rates | Hanover, Maryland | 2/14/2022

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Some of the best rates around and flexible loan options to choose from

Decent Rates and Professional Closing Team | USA | 8/2/2021

Written by
David McMillin
Contributing writer
David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David's goal is to help readers figure out how to save more and stress less.
Edited by
Mortgage editor