Morty Rating | Compare mortgage options online

Finding the best mortgage is about more than just finding the lowest mortgage rates. You need to consider the various terms, the reputation of the lender, the fees, the penalties, the early withdrawal option, and more.

Along the way, it would be nice to have someone on hand to help you evaluate various mortgages. That’s the problem Morty is trying to solve. Instead of lending directly to home buyers, you can search for mortgages that suit your needs. Because of this, the amount of information needed to see results is very little.

Once you’ve found a mortgage, you can complete the entire application online to complete. If you get stuck, a Morty advisor is at your side. If you are looking to buy a mortgage, Morty might be the one for you. Start mortgage purchase with Morty here >>>

• Go from pre-approval to completing everything online
• A Morty advisor is by your side every step of the way
• Receive a pre-approval letter in less than 5 minutes

What is morty

Morty (Morty, Inc.) is an online mortgage marketplace. It was founded in 2015 and is based in New York City. The founder and CEO is Nora Apsel.

Morty raised $ 11.5 million through a Series A. The last raise came in August 2019 from Prudence Holdings for $ 8.5 million. Prudence Holdings led the Serie A. Unfortunately, there are no numbers on Morty growth or how many people were helped secure mortgages.

What does it offer?

Morty is not a direct lender but a licensed mortgage broker. It’s a marketplace where people can shop for the best mortgage lenders. While Morty does not provide loans, it works with its clients during the loan process.

Since it is not a lender, Morty does not charge any fees. This does not mean that your mortgage is free. Each lender has its fee structure and credit requirements. Since Morty searches the lenders for you, you shouldn’t have a problem meeting most of the loan requirements.

deposit

Down payments range from 3% to 20%. When Morty talks about a down payment, one is actually talking about the loan-to-value ratio (LTV). The LTV is your down payment compared to the amount borrowed. For example, a $ 20,000 down payment on a $ 200,000 loan is a 10% LTV.

Minimum advance payments can be divided into four categories as follows.

• First-time home buyers when buying a single-family home – 3%
• Repeat buyers buying single family homes – 5%
  
• Two-unit properties – 15%
  
• Three- or four-unit properties – 20%

Income requirements

Morty is pretty strict about income. Basically, if you haven’t had a permanent job in the last few years, you will have difficulties qualifying. Even if your income has fluctuated over the past two years, you will need good proof of income.

There are certain types of income that Morty doesn’t work with. These include all those who have been unemployed for a few months, have changed occupational fields or are self-employed.

Accelerated closings

Morty says his digital processes could get you completed in just three weeks. It also has a completion date promise, which means your review fees will be refunded if your target completion date is missed. However, there are some strict guidelines that you must follow to be eligible for this.

On the one hand, the loan must apply to the purchase of a primary residence. In addition, your target closing date must be at least 30 days after your blackout date. In order not to delay your submission deadline, you must immediately sign and upload all requested documents and pay the associated fees.

Complete online mortgage application and completion

There are four main steps to completing your mortgage with Morty:

1. 1

   Create your account.

2. 2

   Determine your mortgage eligibility.

3. 3

   Get personalized loan options with no hidden fees.

4. 4th

   Close your new home.

All of these steps can be done online. However, filling out a mortgage application and closing it is a complex and lengthy process. To help with problems, a Morty advisor is available who can step in if necessary. You can expect some phone calls to solve more complex problems.

While the process may still require analogue intervention, it really is up to you and how comfortable you are with mortgage applications and the closing process.

Licensed in 36 states including DC

Not everyone will have access to Morty’s services. This depends on which state you live in as Morty is not yet available in all states. However, they are expanding. Below are the states that currently have access to the platform:

• Alabama
• Arkansas
• California
• Colorado
• Connecticut
• Delaware
• District of Columbia
• Florida
• Georgia
• Illinois
• Indiana
• Iowa
• Kansas
• Kentucky
• Maryland
• Michigan
• Minnesota
• Mississippi
• Nebraska
• New Jersey
• new York
• North Carolina
• Ohio
• Oklahoma
• Oregon
• Pennsylvania
• South carolina
• Tennessee
• Virginia
• Washington
• Wisconsin

Support from start to finish

As mentioned earlier, Morty is not a lender. They are a mortgage broker, which means that they will help you find a lender and more. Once you’ve secured a lender, Morty is no longer out of the picture.

Morty will help you from pre-approving your mortgage application to finalizing your home.
Think of Morty as a mortgage concierge service. While you are likely to be dealing with a broker and lender, you still have Morty in your corner to help you navigate the mortgage process.

Are there any fees?

Since Morty is not a lender, they do not charge any fees. However, your lender will charge fees and the amount will vary depending on the lender.

How can I contact Morty?

There are many ways to get in touch with Morty.

Via phone:
(844) 457-8564
Mon-Fri, 9 a.m.-7 p.m. (EST)

By email:
Homebuyer – help@morty.com
General inquiries – hello@morty.com

By mail:
180 Varick Street, Suite 816
New York, NY 10014

Via chat:
Via their website at https://www.morty.com.

Customer service reviews

TrustPilot – 4.4 stars out of 5 from 108 reviewers.

Better Business Bureau – 3.5 stars out of 5 from 2 reviewers.

How does Morty compare?

Compared to a traditional lender, Morty is likely to be more efficient. However, one of the main drawbacks is that it doesn’t support as many loan types as other marketplaces like Credit Karma Home Loans or LendingTree.

Currently, Morty can only help home buyers purchase conventional or jumbo loans. In the meantime, other websites may also be able to compare government insured mortgages or HELOCs. Here’s a quick look at how Morty compares to the competition.

How do I open an account?

You can open an account by visiting Morty’s website. The first step is to get a quote. This takes less than 2 minutes. To receive a quote, you need to provide:

• City and state
• Home purchase price
• deposit
• credit-worthiness
• First and Last Name
• Email-address

Once you have decided on a mortgage lender, more information is needed. How much is up to the lender, but expect about as much as completing a bank loan application.

Is it safe and secure?

Yes – Morty’s website is encrypted and your information will not be shared. Each lender has their own security standards that you should check before handing over your information.

Funds such as a down payment should go to an escrow account and not directly to the lender. This is common practice and of course you’ll want to check where your down payment is going.

Is it worth?

Morty offers convenience, but for specific people. If you enjoy doing everything online, are not self-employed and need a conventional or jumbo mortgage, you are the ideal customer for Morty.

Even for those who have had variable income for the past few years, morty can still be a great option to get a mortgage on. However, if you are self-employed or looking for a wider range of mortgage options, Morty cannot help you.

If Morty isn’t the solution to your mortgage purchase, check out our list of some of the best mortgage lenders online.

Morty functions