The Morty Team
Jul 15 · 5 min read

Buying a home is hard—but buying a home for the first time? Sometimes it feels all but impossible.

First-time homebuyers are facing unique challenges that are as difficult as they are daunting. Things like:

  • How much can I afford to spend on a house?
  • What kind of loan can I get?
  • Who’s involved in the home buying process?
  • Will my offer on a home be accepted?
  • Why is it so hard to find reliable answers?!

Pair these big questions with an outdated process, it’s no wonder first-time homebuyers may feel sluggish to take the leap — making up one-third of the market in 2017, a 12% drop compared to generations before them.

Despite the dip, first-time homebuyers are still staking their claim in the market: they now make up 79% of all home purchase transactions.

Even better, those who are looking to purchase their first home have far more financing options compared to generations before them.

First-time homebuyers have a wide range of low down payment mortgage products today to help them become homeowners.

— Tian Liu, Chief Economist at Genworth Financial

That said, there’s still a lot left to be desired in the home buying process. Here are just a few of them.


The challenges of entering the housing market as a first-time homebuyer

Today’s first-time homebuyers are used to operating independently and autonomously. They rely on tech to make informed decisions — and their lives more convenient — from everyday tasks to life moments. Think Kayak instead of travel agents, Zola instead of wedding planners, Cash instead of, err, cash.

But when it comes to buying a house, first-time homebuyers are forced into arcane processes, that could deter prospective buyers from diving in.

Buying a house has always been difficult. It’s always been time-consuming.

But there’s a better way.

And it starts with meeting buyers where they are: online.

mortgage licenses across the US
mortgage licenses across the US

Connecting the home buying dots

The world of real estate needs to provide more transparency to first-time homebuyers. Start to finish. And tech can help do that, which is exactly what we’ve set our sights on at Morty.

From first click to close, Morty helps first-time homebuyers make informed decisions about getting approved for a mortgage, and connect the dots with the many, many stakeholders involved in a purchase.

And it’s all done online.

We’re on a mission to upturn the antiquated and overly complicated process of buying a house for the first time. Morty makes the home buying process more efficient. Here’s how.


We make home buying (more) convenient

When first-time home buyers find a place they love, they sometimes have mere hours to get an offer in. With such a slim window of time, how can they know whether or not the offer is both competitive and financially viable?

The newest addition to Morty is built to help answer exactly that. Our shiny new Home Financing Score reliably calculates the likelihood your offer will be accepted.

Morty’s mortgage eligibility score is based on your financials, not a presumptive algorithm

From there, we can help get you a mortgage in a matter of minutes. Do it online, at your own pace. In your PJs, if you want. We won’t mind.

Dead simple, transparent financing

Did you know that most shop-and-compare mortgage sites are generated by companies that don’t review homebuyers’ actual financial details? That means they don’t reflect real offers or interest rates that a buyer would actually be eligible for once the lender takes a closer look at the borrower’s financial situation.

Surprised? You’re not alone. Most homebuyers don’t know that.

It seemed kind of bonkers to us that some of the initial information first-time homebuyers gather is based on, well, nothing. That’s why Morty’s first foray into disrupting the real estate realm was rooted in helping buyers understand the loans they’re actually eligible for—with verified, pre-approved mortgages from more than 20 of the top lenders around.

With Morty, you’ll know exactly how much you can afford — not what an algorithm of averages or assumptions says you can. But don’t take our word for it, see why one first-time homebuyer described working with Morty efficient, streamlined, and really easy.


Start to finish, we support first-time homebuyers

While our company journey started with bringing transparency to finding credible, verified mortgages, we’re taking things a step further with all sorts of shiny updates to the Morty platform.

Now, Morty takes the weight off the buyer when it comes to wrangling stakeholders at different points throughout the buying process.

You know that feeling of dread you get when you submit an email or phone number to pretty much any real estate website, knowing you’ll soon be bombarded with phone calls from persistent salespeople? You won’t get that with Morty. Navigating conversations across lenders, realtors, appraisers, sellers, inspectors, and anyone else is managed by our friendly team.

By front-loading processes that usually happen at the time of close (like the process of underwriting), we get buyers to closing on their home, fast. The proof is in the pudding: buyers who work with Morty close in half the time as the industry average.


We know how mortgage sausages get made

There’s a lot of noise in the real estate tech world, a cacophony only made louder by the $1.3 billion raised in the industry last year alone. So why trust us?

To put it bluntly, we know how the mortgage sausages are made.

Our CEO, Brian Faux, spent his entire career in the mortgage industry: from working with government bigwigs that shaped housing policies as our country recovered from the 2008 housing crisis to working one-on-one with first-time homebuyers.

Over the past three years since Morty’s start, we’ve expanded our operations to 34 states (including California) and D.C. from seven, increasing our reach by 350% and addressable market share by 250%.

Much to our chagrin, we recognize that real estate is not as trendy an industry as, say, space tourism. But our ability to affect change across many people’s lives is far greater: We’re responsible for the largest and potentially most important financial transaction people will make in their lives. That’s not something we take lightly.

We’re excited to bring more transparency, insights, and expertise to those navigating the muddy waters of first-time homeownership to our readers.

Stay tuned for more from Morty HQ very, very soon.

Cheers,
The Morty Team

Hi Morty

Your Smart Home Mortgage

The Morty Team

Written by

The collective friendly folks at Morty.

Hi Morty

Hi Morty

Your Smart Home Mortgage

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