A close you can count on
Morty’s Closing Date Promise
Your closing date is a milestone in the homebuying process, but the money and emotions at stake can make it a stressful one. At Morty, we strive to give you peace of mind with a closing date you can count on.
We’ll make sure we hit your closing date—or you’ll get $2,000.
Morty’s Closing Date Promise waives appraisal fees for transactions delayed up to twenty-four hours. Any later and we’ll give you a $2,000 Visa gift card. Read more to learn about eligibility requirements for Morty’s Closing Date Promise.
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Morty's Closing Date Promise — Terms and Conditions
If we miss your closing date by one business day, we’ll waive your appraisal fee. If we miss your closing date by more than one day, Morty will provide a $2,000 rebate at closing. Morty is pleased to offer its Closing Date Promise (the "Program") to select customers under the following terms and conditions.
In order to qualify for the Program, your transaction must satisfy all of the following conditions:
- The loan is for the purchase of a primary or secondary residence (not an investment home); and
- Your target closing date is determined upfront and in consultation with your Mortgage Advisor, and shall be at least 30 days from the lock date; and
- Each applicant’s qualifying income must not rely, solely or in part, on self-employment income for purposes of loan qualification; and
- Your loan otherwise conforms to Morty's supported loan types and stated loan requirements as described in Morty's FAQ; and
- Your loan is a conventional loan.
- You close your loan with Morty.
Closing a purchase transaction on time is a team effort, and we'll need your help to stay on track. In order to remain qualified for the Program, you must promptly (within 48 hours):
- Sign any required documents, including but not limited to Intent to Proceed and Initial Disclosures; and
- Pay for your appraisal as requested by Morty; and
- Provide all requested documents (e.g. documents required for income, assets, and credit verification, and all other documentation relevant to the closing of your loan) as requested from time to time by Morty or the lender.
Provide to Morty at least
10 calendar days prior to your scheduled closing date:
- Customer’s Homeowners’ Insurance Binder
- Home Inspection completed by a licensed home inspector (within 90-days). Home inspection must not contain information that materially affects the value of the property or otherwise cause a delay in closing.
- Home Appraisal
Provide to Morty at least
5 calendar days prior to your scheduled closing date:
- Clean Title on the property
- HOA - any documentation required to be signed or received if the property is part of a Homeowners’s Association.
Closing Date Promise not Applicable if
- Borrower(s) changes loan product, terms, loan amount or eligibility requirements
- Closing is delayed due to the seller's failure to close on time (refusal to sign, operational hours, etc.).
- Closing is delayed due to a third-party requirement not being met (i.e. HOA, Inspection, Title Insurance, Appraisal, etc.).
- Borrower(s) becomes ineligible for loan with our Lender Partner or fails to meet contract requirements.
- Borrower(s) omits or fails to deliver information or documentation to Morty or its partners within a timely manner that results in delayed closing.
- Closing is delayed due to natural disaster, inclement weather, national emergency, or pandemic requirements.
- Changes to your closing date post-lock without first consultation and confirmation with your Loan Advisor, and date change updated and reflected on the purchase contract and contract addendums.
- A closing date is not included in your contract.
Morty is a mortgage broker and your loan is subject to final approval by Morty’s lender partner. In certain circumstances, Morty may be unable to identify a lender and/or loan suitable for you.
For any qualified purchase of a new construction home, Morty applies an additional 15-day buffer to your closing date to account for any 3rd-party delays that have not been outlined above.
Morty is not liable for any damages related to your transaction delay or failure to close (e.g., increased moving costs, temporary housing to bridge the gap between expected closing date and actual closing date). In cases where benefits under the Program are paid to you through an adjustment to your closing costs, the requisite adjustments to your Closing Disclosures could cause additional delays for which will not be compensated.
Morty relies on you to provide complete, accurate information about each applicant and the transaction. Any material change or omission to the information provided by you at any time may disqualify you from receiving benefits under the Program.
Any awards transferred at or outside closing in excess of the value of the underwriting fees may be considered miscellaneous income received from Morty and we may be required to send you, and file with the IRS, a Form 1099-MISC (Miscellaneous Income) or Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) for the year in which you participate and are awarded the benefits of the Program. You are responsible for any tax liability related to participating in the Closing Date Promise. Please consult your tax advisor if you have any questions about your personal tax situation.
Morty reserves the right to modify or discontinue the Program at any time and without notice. Rates and terms are subject to change at any time without notice and are subject to state restrictions.