Morty is not a direct mortgage lender. It is an online mortgage broker that helps borrowers find the best loan option and low interest rate among numerous loan partners.
Morty loan options include mortgages for home purchase or refinancing. However, you can only use the company for refinancing if you have previously used it to purchase your home.
You can choose from a fixed or floating rate loan, as well as a variety of loan terms.
Morty is an option only if you live in select states and only if you are looking for a traditional home loan. There are no government-sponsored FHA, VA, or USDA mortgages offered.
If Morty suits your needs, you can use the online platform to compare interest rates and see what kind of deal this broker can find for you.
Morty mortgage rates
As an online mortgage broker, Morty works with a large network of lenders, giving borrowers access to over 1,500 loan options.
You can even request sample rates from the website without doing a full application.
Simply enter the purchase price of the house, the amount of your down payment, the zip code and your estimated creditworthiness. From here you can get interest rate information for fixed rate loans with a term of 30 and 15 years.
Note that several factors affect mortgage rates, such as: B. Your creditworthiness and down payment. And the rates vary from lender to lender. Hence, it is important to look for your best deal.
As a mortgage broker, Morty does not provide the loan on your mortgage. Instead, it acts as an intermediary between you and the bank.
This allows for easy comparison shopping as you can compare the rates and rates of multiple lenders with just one application.
Check your prices out on Morty today, January 27th, 2021
Morty mortgage rating for 2021
Morty's mission is to help borrowers find the right mortgage at the right price.
Shopping for a mortgage and finding a low interest rate can be time consuming. Morty wants to reduce that hassle by offering multiple loan options after an online application.
The company offers a few loan options such as: For example, fixed-rate mortgages with a term of 30, 20 and 15 years, depending on how quickly you want to repay the loan.
You can also refinance with Morty – but only if you got your home loan through the company.
Many borrowers appreciate the convenience of an online mortgage application. While Morty makes loan comparison easy and quick, this broker isn't for everyone.
Currently, Morty only offers conventional home loans for primary residences.
A primary residence refers to apartments such as single family homes, condominiums, and townhouses that the borrower wishes to live in full-time. You can't use Morty to buy an investment property or vacation home.
You can buy properties with 2 to 4 units, but only if you occupy one of the units yourself.
You cannot use Morty to finance prefabricated homes, commercial real estate, second homes, or investment properties.
Morty is also not a good choice if you are looking for a federally supported loan (FHA, VA, or USDA). If you want one of these morgues, you'll need to apply to a different mortgage lender.
Working with Morty
When you choose to apply to Morty, you will work with one of the company's loan professionals throughout the loan process.
First, use the broker's online sampling tool to get up-to-date interest rate estimates.
Click Get Started here to review your loan options and begin the pre-approval process.
You will need to provide the address of the accommodation and related financial documents, e.g.
Current account statements, investment account statements W2s and tax returns for the past two years
The lender will also do a hard borrowing to determine eligibility.
According to a Morty representative, after completing these steps and having a credit expert review your information, you can get pre-approved in just 15 minutes.
Pre-approvals remain active for three months.
After submitting your loan application, you will also receive a loan estimate with information on interest rates, terms and cash (down payment and closing costs).
Your loan then goes through the underwriting process, which includes planning an appraisal to ensure that the loan amount is not more than the value of the property.
Morty hopes to close most home loans in about three weeks, although closing times can be different for each borrower.
Get started with Morty today, January 27th, 2021
Morty customer service reviews
As the youngest startup, Morty has no J.D. performance. And no complaints appear to have been filed against the company with the Consumer Financial Protection Bureau.
In terms of customer reviews, Morty has a rating of 4.43 / 5 for Zillow and 5/5 for LendingTree. Additionally, the mortgage broker has a rating of 4.5 out of 68 reviews on TrustPilot.
Several clients praised the broker for its easy transactions, great online tools and excellent customer support.
Others were happy with their mortgage rates, and some customers were able to close in less than 30 days.
Mortgage complaints from major lenders
Mortgage origins 2019
Complaints per 1,000 mortgages
2020 JD nominal power
Mortgage loan products at Morty
Unfortunately, Morty doesn't offer a wide range of home loan products.
Currently, you can only get a conventional loan. Morty doesn't offer FHA, VA, or USDA mortgages.
The fixed-income options include a term of 30, 20 or 15 years.
Adjustable Rate Mortgage (ARM) options include a 5/1, 7/1, or 10/1 ARM.
With an ARM, you pay a fixed rate for 5, 7, or 10 years. The interest rate can then be set anew each year for the remainder of the loan term (usually a total of 30 years).
To qualify for Morty, you need a minimum credit value of at least 680 and at most a 30-day late payment in the past 12 months.
You'll also need a minimum 5% deposit – or 3% if you're a first-time homebuyer, according to a representative.
Also note that you only allow a debt-to-income ratio (DTI) of up to 43%. This is the percentage of your gross monthly income that is used to pay back debts.
Check Your Mortgage Eligibility (Jan 27, 2021)
Where can I get a mortgage from Morty?
Morty is an online mortgage broker with no stationary locations.
Borrowers can apply online, but only in states where Morty is licensed. That includes 30 states and Washington, D.C.
Click here for a full list of states where Morty is available.
Morty mortgage FAQ
What is Morty Mortgage?
Morty is an online mortgage broker who strives to make the mortgage process easier with advice, comparison shopping, and affordable interest rates. You can use Morty for a conventional loan when buying a home, or for refinancing if you have previously used the company for your home purchase.
Is Morty Mortgage Legitimate?
Yes, Morty is a legitimate company. Founded in 2016, Morty operates in 30 states and the District of Columbia. It has a network of lenders and broker advisors. Most borrowers can apply for and receive pre-approval in less than 15 minutes, and often close it within three to four weeks. The broker's team of licensed mortgage experts can provide loan options and interest rate information.
Is Morty a Direct Lender?
No, Morty is not a direct lender. The company does not borrow money for home purchases or refinancing. Instead, Morty is a mortgage broker. It acts as an intermediary between you and potential lenders. You can use the company to compare home loan interest rates and find mortgages that suit your situation.
What credit do I need for a Morty mortgage?
To be approved for a Morty mortgage, you need a minimum credit rating of 680. This is slightly higher than the credit ratings typically required for traditional mortgages. Most lenders accept FICO scores as high as 620. However, a high credit score can help you qualify for a lower interest rate.
How Much Down Payment Do I Need for a Morty Mortgage?
If this is your first time home buyer, you can get a mortgage loan with only 3% discount through Morty. However, if you are a repeat buyer you will need a minimum 5% deposit. As with any lender, if you cut less than 20%, you'll pay private mortgage insurance (PMI). This insurance protects the lender in the event of late payment.
What is a Mortgage Broker?
A mortgage broker does not lend any funds. It is an intermediary between a borrower and a bank. Brokers connect borrowers to various lenders so that the borrower can shop and get multiple interest rates. Brokers typically work with a network of lenders to help borrowers find the lowest possible mortgage rate.
Should I Use a Mortgage Broker or Direct Lender?
Many borrowers work with a direct lender. This involves collecting multiple interest rates and comparing the lenders themselves; However, you are in full control of the company you choose to work with. A mortgage broker can sometimes save you time and money by comparing loans and interest rates on your behalf. However, your loan options are limited to the network of lenders that your broker partners work with.
Is Morty the Best Mortgage Lender for You?
Morty can be a great option for a select group of homebuyers: those looking for a conventional home mortgage.
If you are considering an FHA, VA, or USDA loan, you will need to work with a different lender. The same applies to home buyers who want a second home or investment property.
You can check out Morty's prices and decide if this is a good option for you.
You can get an interest estimate without filing a full application, so you can easily see how competitive Morty's mortgage rates are and decide whether to move on with the business.