June 3 (Bloomberg) -- The cost to protect against a Residential Capital LLC debt default rose after Cerberus Capital Management LP and GMAC LLC said they would prop up the distressed mortgage lender because previous rescue plans failed. Online mortgage applications are quick. An online application form takes about four minutes of your time filling it up. Approval can then be given within 24 hours. This is a far cry from the several business days it usually takes for traditional mortgage applications to be approved. In this regard, online mortgages are less time-consuming and even initially paper-free.
