Morty is an online mortgage broker for home buyers with 680+ credit. It uses Fintech (financial technology) and personalized service to find users the best rates from a network of verified lenders. Morty works with buyers through every step of the home buying process, from pre-approval to closing. It also offers free tools to help guide users, including a proprietary Home Financing Score and free consultations with mortgage experts.

How it Works

Morty guides its users through the mortgage process, offering:

• Personalized loan options: Generated in seconds without a hard credit pull, based on your location, purchase price, down payment, and approximate credit score.
• Fast pre-approval: Within 5 minutes of applying, a pre-approval letter will be generated and made available for immediate download.
• Expedited closing: Thanks to innovative technology and a team of loan agents, Morty claims to be able to close in as little as 3 weeks.

To use Morty, you must meet the following requirements:

• Your new home must be your primary property.
• Purchase must be in one of the 36 states (plus District of Columbia) where Morty is currently licensed.
• FICO credit score of 680 or greater.
• Maximum debt-to-income ratio of 43%.
• Minimum down payment of 5% for single-unit homes, 20% for two-unit properties, and 30% for three- or four-unit properties.
• Maximum one 30-day overdue payment on credit report.
• Maximum $2,000 balance on outstanding non-medical collection on credit report.
• Proof of steady, predictable income, including two years’ worth of receipts for any base salary, wages, commissions, tips, and bonuses.
• Proof of assets that you will use to make down payment and pay closing costs.

Pros and Cons

The number one thing most home buyers want in a mortgage is a great interest rate. It’s a good thing then that Morty exists – its hi-tech algorithm helps connect users with market-beating APRs. With a combination of powerful Fintech algorithms and personalized service, Morty is not only capable of finding great rates; it also guides you through the mortgage process, ensuring everything runs smoothly.

Morty’s great if you meet the eligibility requirements, but that’s a big ‘if’. Firstly, Morty isn’t available in all states. At last count, it was live in 36 states and District of ColumbiaC (although it aims to reach all 50). Also, the minimum credit score for using the Morty platform is 680+, which is relatively high for a mortgage broker.

Types of Loans

Currently, Morty only supports conventional purchase loans with at least 20% down payment. If you previously closed a home purchase with Morty, it can assist with a refinance.

Morty doesn’t offer government-backed loans (e.g. FHA, VA, USDA) home equity products (e.g. HEL, HELOC), or renovation loans.

Loan Features

In addition to brokering conventional home loans, Morty offers the following features.

• Home Financing Score: Based on your borrower profile, Morty creates a personalized checklist that tells you exactly what you should do to increase your borrowing power.
• Pre-approval: If you meet Morty’s eligibility criteria, it instantly generates a pre-approval certificate that you can use to help negotiate with sellers.
• Free rate lock. Morty lets you view and compare real-time, personalized rates from its lender network – and then lock in the best rate.
• Recasting. Morty offers the option of recasting your loan after close (which is subtly different to refinancing). For an upfront fee of around $10,000 and additional processing fee of $200 - $400, Morty can move your loan to another lender with a lower monthly payment amount – saving you money over the life of the loan.

Rates and Terms

One of the great things about Morty is the level of transparency. You can find the latest minimum rates on its website by clicking on the ‘Rates’ tab at the top of the page.

Contact Morty

Based on customer reviews on sites such as Trustpilot and Zillow, the reception for Morty is overwhelmingly positive. Morty was founded in 2016 and has built up a reputation for great rates and hands-on customer service. To speak to an agent, use the live chat button on the Morty website or apply for pre-approval and wait for them to call you back. You won’t have to wait longer than 5 minutes for a response during regular business hours.

Summary

Morty has carved out a niche for itself with a focus on personalized brokerage for buyers with excellent credit. Some services overstretch themselves by trying to be everything to everyone. Morty does the opposite: providing an excellent, hands-on, technologically-driven service to a select group of home buyers.