A mortgage pre-approval letter in-hand takes the stress out of house hunting. Instead of wasting your time looking at homes out of your price range—or worrying about whether you qualify for a mortgage at all—being pre-approved for a mortgage means you can conduct your home search, and eventual purchase, confidently.
But not all mortgage pre-approvals are created equal.
Morty’s online pre-approval isn’t like the pre-approval offered by your local bank, or by that mortgage guy your dad knows. Here’s how we’re different:
We’ve Got Lots of Lenders, and We Do All the Legwork
This is probably the biggest difference between a so-called pre-approval for a mortgage at your local bank and pre-approval with Morty. With Morty, the pre-approval gives you access to the entire network of lenders and programs that you qualify for without any additional work on your part. This allows you to focus on the shopping and buying of your home and the actual important financial decisions that come along with finalizing and selecting your mortgage.
Getting pre-approved for a mortgage at your local bank means you’re pre-approved for a mortgage with just that one lender. If you wanted to compare rates with other lenders, you’d need to spend time and effort re-applying for pre-approval elsewhere and possibly need multiple pre-approvals for each of the different programs offered.
You probably comparison-shop for most of your everyday consumer purchases. Chances are good you wouldn’t buy shoes, airline tickets, or electronics without first checking the prices from a few vendors or companies. Why wouldn’t you check out multiple lenders for your mortgage?
The Morty Pre-Approval is Accurate
Some mortgage brokers and lending institutions are a little bit fast-and-loose with the term ‘pre-approved’. While there are places that won’t officially pre-approve you for a mortgage until you’ve provided every scrap of financial data you can possibly imagine, there are other brokers and institutions that will happily tell you that you’re ‘pre-approved’ for a mortgage based on almost nothing.
Financing surprises late in the game can seriously derail your home buying plans. If you’ve made an offer or put down earnest money and then suddenly can’t qualify for that mortgage, you’re not just going to miss out on the home you want. You could also lose some serious cash.
Morty’s pre-approval doesn’t use improvised figures to guess what lenders in our network might be willing to offer you. Morty collects the necessary information upfront. Your pre-approval accurately reflects real programs (or eligibility for real offers) from lenders based on your real financial situation, right away. In the event that your financial situation changes between when you first get pre-approved to when you are officially making your offer (as can be the case in today’s climate), Morty’s mortgage advisors are there for you every step of the way to work with you, whether that’s getting you a well-constructed, updated pre-approval or helping you restructure your purchase transaction to align with the lending requirements. You can read more about what Morty is doing to help homebuyers at this time here.
The Morty Pre-Approval is Quick and Easy
If you have a pretty good handle on your current financial situation, you can complete your Morty profile in as little as 5-10 minutes. And even if you need a few more minutes to round up some details (what is your co-borrower’s social security number, again?), completing the Morty profile is almost definitely quicker than filling out paperwork by hand at the local bank or doing this over the phone in the current age of social distancing; our optimized, fully-digital process includes smart approval via Plaid and AVMs (automated valuation models).
Once you’ve completed your profile, you can have an answer right away. There’s no waiting around a few days to see what some guy with a calculator in a back room says about your future. If you’re a qualified borrower, you will also have a real pre-approval letter in-hand as soon as you hit ‘submit’.
It’ll probably take you longer to boot up the printer to get a hard copy of your pre-approval letter than it’ll take our algorithms to match you to our best programs and lenders.
In addition to this, once you’ve completed the process the first time around, you can update any information related to the current offer you are looking to make whenever you need to. You will be pre-approved for that new property, your new offer, and your new mortgage in real-time. This can be particularly useful when you need to submit an offer fast (for example, if it was a home you weren’t expecting and you went to the open house over the weekend).
The Morty Pre-Approval is Free for Borrowers
Morty doesn’t charge borrowers to use our real-time mortgage quotes and comparison tools, or to get pre-approved for a mortgage. There’s no fee to build your financial profile on Morty or to pull your credit.
For the grand total cost of zero dollars, you can check to see if you’re eligible for appraisal waivers, customize your closing journey, compare rates, pick from our top lenders and programs that best match your unique purchase and financial profile, and work with one of our mortgage advisors to manage the whole process all the way to the closing table.
No Phone Calls (Unless You Want to Talk)
If you’ve looked at some of the other so-called mortgage rate-aggregator sites out there, you’ve probably experienced this:
First, you give them some cursory information. Your name, how much home you want to buy, your best guess as to your credit score, your email address, and your phone number. You click ‘next’ a few times, check boxes to indicate whether you’re buying a place or refinancing your existing one.
And then, a dead end: thanks for the info, kid. We’ll be in touch. Your inbox floods with ‘special offers’. Your phone starts ringing off the hook.
With a Morty pre-approval, you get all of the benefits of checking out lots of lenders, without the annoying sales calls. You can complete the entire Morty pre-approval process without picking up a phone. Of course, if you have questions or need help, we’ve got real live human mortgage experts on standby.
The Morty pre-approval process includes a personalized mortgage consultation with your dedicated mortgage advisor; after providing all of the details of the transaction in our pre-approval, you’ll have given the advisor all the real, qualified information they need to help advise on the best programs and options for your situation as well as design the perfect closing process for your purchase contract.
Want to Kick the Tires?
If you’re looking to buy a home soon, a pre-approval with Morty is simple. It’s free, it’s accurate, and it can save you a lot of time. Working with Morty can help you save serious money on your mortgage. Ready? Get started here.
