Using wire transferred funds from our own savings from India for mortgage closing costs.

[bubagump]

We have signed a commitment letter from a lender for our mortgage. We have downpayment covered with our (husband & wife) RRSPs. We have also have some funds (15k CAD) wire transferred from our own Indian NRI bank account to cover closing costs and some renovation expenses. The lender has asked 90 days bank statements and source of funds for this wire transfer. We have provided our India NRI bank account statements.

Will these wire transfer deny us mortgage when it comes to closing ? These are our own savings funds from our bank in India.

 

[k.h.p.]

The wire transfers alone will not be an issue. The mortgage lender needs to verify that you have earned the funds and that they are not the proceeds of crime or money laundering. That is why they asked for your bank statements and the source of funds - hopefully you included details such as employment or inheritance as to where the funds came from.

 

[bubagump]

The wire transfers alone will not be an issue. The mortgage lender needs to verify that you have earned the funds and that they are not the proceeds of crime or money laundering. That is why they asked for your bank statements and the source of funds - hopefully you included details such as employment or inheritance as to where the funds came from.

Thanks for replying.
Yes, its all employment income from Canada itself. I send some savings from Canada to India long back, now I am taking some part of it back from India.