Home buyers have several options when it comes to applying for a mortgage loan. Simple applications can often be made over the Internet, or you can get the process started with a phone call. You may still need to visit the lender or broker in person to finalize the application. Alternatively, they may come to your home to make the process more convenient for you.

Today's mortgage specialists are well trained and well equipped and able to process your application quickly. This reduces the stress and uncertainty of waiting for an answer; a quick turnaround can be key to getting the home you want. You can often get the results of your application immediately. This may be a conditional approval, pending verification of income, and so on.

If the mortgage represents 80% or more of the value of the home, the loan must be insured against default. A separate application must be submitted to a mortgage insurance company, but electronic networking between lenders and insurers means little or no delay for mortgage customers. In fact many applications are approved on the spot, and the majority within a few hours.

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