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 confidently.
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:
The Morty Pre-Approval is Free for Borrowers
Morty doesn’t charge borrowers to use our mortgage shopping or 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 out potential mortgage offers, compare rates, pick a lender, and work with one of our Morty experts to manage the whole process, all the way to the closing table.
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 about fifteen 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.
Plus, once you’ve completed your profile, 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 can have a real pre-approval letter in-hand basically 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 a lender.
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. And in those cases, the size of the mortgage for which you’re ‘pre-approved’ might not be the amount a bank will actually lend you for a home when it comes time to process your when it comes time to process your actual mortgage.mortgage.
Financing surprises late in the game can seriously derail your homebuying 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 be out 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. Because Morty collects the necessary information upfront, you can rest assured that unless your financial situation changes between when you apply for pre-approval and when you actually buy that home, your pre-approval should accurately reflect real programs (or eligibility for real offers) from lenders based on your real financial situation, right away. No guessing, and no surprises.
We’ve Got Lots of Lenders, and We Do All the Legwork
This is probably the biggest difference between getting pre-approved for a mortgage at your local bank, and getting pre-approved for a mortgage with Morty: a Morty pre-approval gives you access to our entire network of lenders without any additional work on your part.
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.
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?
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. Next thing you know, your inbox is flooded with ‘special offers’ and your phone is 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.)
Want to Kick the Tires?
If you’re looking to buy a home soon, getting pre-approved with Morty is simple. It’s free, it’s accurate, and it can save you a lot of time. Working with Morty, in general, can help you save serious money on your mortgage. Ready? You can get started here.