Finance and Mortgage Broking System

Queston: Discuss about the Finance and Mortgage Broking System. Answer: Introduction It is of great essence for Fergus and Natalie to know the exact process of purchase of their property and to know the exact constraints to do so. They need to get adequate sources of funds in order to purchase their respective property. Based on this, they need to know the process of acquiring a financial loan in order to purchase their respective property. Loans and mortgage can be considered as a source of fund for every individual. With the help of financial loan, Fergus and Natalie can fulfill their financial needs with the help of these sources of funds. However, both of them need to disclose all their assets and liabilities in order to claim the services of financial loan. Apart from this, it is of great essence for both of them to disclose their exact financial status (Liu 2015). If they failed to do so, then, they cannot claim the services of financial loan. Apart from this, they also keep a check on the trending interest rates, based on which they can claim the services of the given loan. Different options available There are several options available for both Fergus and Natalie in order to select the best form of financial loan. They can opt for financial loan against some form of mortgage or they can use cash security as a deposit. However, the best alternative for them is to have a mortgage of their property against this loan. This may be considered as risky; however, it can help them to meet their liquid expenses like payment of interest of loan (De Silva et al. 2015). Procedure to commence for a loan The first and foremost step is that the clients need to collect an application for loan from their respective financial institution. Apart from this, they need to provide all their respective documents along with their application form. After that, they need to wait for their respective approval for loan. If their loan is approved, they need to collect all the valid information, like terms and conditions, time of interest payment from the respective financial institution. The primary responsibility of the clients Fergus and Natalie is to provide all the necessary documents to their financial institution, while acquiring the loan. Apart from this, they should not provide any false or miss-leading supporting documents that may cancel their application. The state revenue may come from the interest payment that Fergus and Natalie will pay against their financial loan. The clients can use their property in any matter they want. They have full leverage to do so. However, they cannot sell their property without clearing off their loan payments (Morgan, Regis and Salike 2015). Conclusions It is recommended that the clients should have a clear idea of the entire process of acquiring their property. They need to disclose all the financial information. By doing this, they can acquire their property within a specified period and fulfill all their respective objectives. References De Silva, A.J., Boymal, J., Potts, J. and Thomas, S., 2015. The Residential Mortgage (De) regulationInnovation nexus. Dietrich, A., 2016. What Drives the Gross Margins of Mortgage Loans? Evidence from Switzerland. Journal of Financial Services Research, 50(3), pp.341-362. Liu, H., 2015. Constructing the GFC: Australian banking leaders during the financial crisis. Leadership, 11(4), pp.424-450. Morgan, P., Regis, P.J. and Salike, N., 2015. Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia. Ozel, B., Nathanael, R.C., Raberto, M., Teglio, A. and Cincotti, S., 2016. Macroeconomic implications of mortgage loans requirements: an agent based approach (No. 2