as per proof of fund, will house mortgage affect my application

[andrewhl]

Hi guys
I recently purchased a property and therefore my bank letter from BMO indicated that I have this amount of mortgage, which is way over what I have in saving/checking account.
Will this affect my PR application?
Or can I just ask bank to show only saving/checking/credit account balance? I am not sure if asset mortgage should be disclosed to CIC.
Cheers

 

[DelPiero07]

Well technically "The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans."

In my opinion you should disclose it, as long your payments don't get in the way of the funds you should have for PR I reckon you're fine.

Cheers and +1 me bro

 

[andrewhl]

Well technically "The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans."

In my opinion you should disclose it, as long your payments don't get in the way of the funds you should have for PR I reckon you're fine.

Cheers and +1 me bro

I am still confused about this.
Say if I have 500k remaining mortgage on a condo for a 25-30 years, and I have 100k cash in my bank. will CIC simply get the conclusion that I have -400K so I am not eligible?

 

[DelPiero07]

Why would they come to that conclusion? You have to pay the mortgage over 25-30 years, it's not like you have to pay that amount in a year.

Do what you think it's best.

Cheers

 

[Wolverine17]

Well technically "The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans."

In my opinion you should disclose it, as long your payments don't get in the way of the funds you should have for PR I reckon you're fine.

Cheers and +1 me bro

Does that mean that we should show any outstanding balances in all accounts even if not in the pof account for example if you have pof in an account but on another account you have outstanding debt,you should show both or only the one covering your pof

 

[andrewhl]

Why would they come to that conclusion? You have to pay the mortgage over 25-30 years, it's not like you have to pay that amount in a year.

Do what you think it's best.

Cheers

alright, I think I will just add a letter of explanation of it
Thanks mate

 

[DelPiero07]

Does that mean that we should show any outstanding balances in all accounts even if not in the pof account for example if you have pof in an account but on another account you have outstanding debt,you should show both or only the one covering your pof

That goes beyond my knowledge. In the case of OP is an more clear-cut case as it is the same account.

Cheers

 

[utagoe]

I have the same question @_@
I read through the forum, however, most people suggest that do not bring in more complications for the application..They also suggest that CIC won't care about your personal financial status / net worth, they just wanna make sure that you have enough funds for your first few months after landing.

I personally don't want to include this. Maybe only if they did need more details on this mortgage..

 

[DelPiero07]

http://www.canadavisa.com/canada-immigration-discussion-board/would-housing-loan-affect-proof-of-funds-t391332.0.html

 

[andrewhl]

I have the same question @_@
I read through the forum, however, most people suggest that do not bring in more complications for the application..They also suggest that CIC won't care about your personal financial status / net worth, they just wanna make sure that you have enough funds for your first few months after landing.

I personally don't want to include this. Maybe only if they did need more details on this mortgage..

I just realize I am under CEC ITA, not FSW, so does this mean I do not need to provide POF? or the numbers in POF won't matter at all?