Morty Mortgage Review 2024

Morty overview

Founded in 2016, Morty is an online mortgage broker based in New York City. The brokerage has processed $2 billion in loans, 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 you access more than 1,500 loan options based on your 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.

Pros and cons of Morty

How Bankrate scored Morty

• Affordability: Morty displays the latest rates on its website, which you can personalize to your situation. As of this review, its 30-year fixed rate offer was well below Bankrate’s average.
• Availability: This broker works with borrowers in most states, but its FHA loans come with a higher minimum credit threshold compared to some other lenders.
• Borrower experience: Morty aims to deliver a tech-forward mortgage experience, from getting preapproved and submitting your financial documentation to closing.

Affordability: 8.2/10

Morty displays sample rates online 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. The broker charges a commission fee based on the amount of the loan, but this fee is paid by the lender, not you directly. The broker doesn’t charge fees for an application, credit check or locking your rate.

Availability: 10/10

Morty operates in 46 states and Washington, D.C. The broker offers conventional (conforming and non-conforming) and FHA loans with fixed and adjustable rates. It also offers rate-and-term refinancing, but only if you closed your initial purchase loan with the broker.

Borrower experience: 7.8/10

Morty has been in business since 2016 with more than $2 billion in loans since. The broker is accredited by the Better Business Bureau and has an A+ rating from the organization. It has a rating of 4.8 stars, or “Excellent,” on Trustpilot. Its loan officers are available Monday through Friday, 9 a.m. to 7 p.m. ET.

How to apply for a mortgage with Morty

You can apply for a mortgage with Morty online or by phone at 844-457-8564. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

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.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.