The internet has made it possible for many banks to let potential home owners begin applying for a mortgage online. While the process of applying and receiving approval for a mortgage cannot be entirely completed online, due to the importance of thoroughly verifying the information provided in such a transaction, a significant part of it can be finished, thus saving time and expediting the process.

To start applying for a mortgage online, first visit the web sites of different banks, comparing the rates and terms which they offer and making sure they provide mortgages in your area. After you have found a suitable bank, locate a link or icon for applying online. Not every bank offers this, but many do. After accessing this section of the bank web site, be sure to review the FAQ or Help page for details on using their specific online application system.

Some banks require that you register for a username and password at their web site before beginning the process of applying for a mortgage. Because of the sensitive financial information being transmitted, some security precautions should be taken. Always confirm that you are using an actual bank web site with a secure (HTTPS) connection, keep any password you have to create in a safe location, and avoid accessing the application through a wireless internet access system.

If you just want an online rate quote without applying for a mortgage, that is also possible. Many bank web sites will provide a quote of interest rates, closing fees, and monthly payments after a short online form is completed, answering questions such as the mortgage amount, home value, and city where the property is to be purchased. This is usually quick and may not require any sort of registration.

Applying is possible with most computers; when the mortgage application and rate quote systems on a couple different bank web sites were tested in Windows 95 with the older Opera 8.54 web browser, they worked fine, although using very old browsers like IE 3.0 isn’t recommended.

After completing the online application, you will most likely be contacted by a loan officer, have to sign various papers in person, and need to provide the necessary documents to verify your identity and financial information. Basically, applying for a mortgage online is equivalent to filling out a long application form and mailing it to the bank, but without the need to acquire a paper form or wait for them to receive it.