How does a car loan and mortgage affect proof of funds?

[Cosi1985]

I am working to get my docs ready for upload amd have a question on proof of funds. I have the required funds BUT i have a mortgage ($90k)and a car loan ($3k). I do all my banking with the same bank so my POFletter will include details for my checking and savings accounts. The current requirements do not ask for bank statements, but if I am asked for statements it will show mortgage and car payment each Month.
My question is, will my POF amount be affected by my car or mortgage? I dont believe its their expectation that homes and cars would be paid off or sold at this stage of the process but just wanted to know how others have dealt with this

 

[21Goose]

It doesn't affect it. You need to show that you have more than the minimum required, and have had that for at least six months. If you have a six month average balance that's above the minimum, you don't need to show anything else.

 

[Cosi1985]

It doesn't affect it. You need to show that you have more than the minimum required, and have had that for at least six months. If you have a six month average balance that's above the minimum, you don't need to show anything else.

I have more then the minimumm but my parents gave me some of it recently so the avg balance for 6 mths is below. i have the gift letter and the wire transfer info etc to explain the spike but not sure what else they will want

 

[21Goose]

I have more then the minimumm but my parents gave me some of it recently so the avg balance for 6 mths is below. i have the gift letter and the wire transfer info etc to explain the spike but not sure what else they will want

By gift letter you mean a legal gift deed (by which I mean drafted according to the laws of whatever country you're from)? If so, then you don't need anything else - write this in the LOE and attach the gift deed and you're all set.

 

[Brikena_Hoxha]

I am working to get my docs ready for upload amd have a question on proof of funds. I have the required funds BUT i have a mortgage ($90k)and a car loan ($3k). I do all my banking with the same bank so my POFletter will include details for my checking and savings accounts. The current requirements do not ask for bank statements, but if I am asked for statements it will show mortgage and car payment each Month.
My question is, will my POF amount be affected by my car or mortgage? I dont believe its their expectation that homes and cars would be paid off or sold at this stage of the process but just wanted to know how others have dealt with this

Hello,

I know it's an old post, but I am facing the same situation and I would like to know the outcome of your PR application. Were you able to receive the CoPR?

Thank you in advance.

 

[Mak101]

Hello,

I know it's an old post, but I am facing the same situation and I would like to know the outcome of your PR application. Were you able to receive the CoPR?

Thank you in advance.

Hello,
Now im in same position.. What happened with your case? Do they consider Auto loan as a Liability or is there a way to explain how you will settle the loan by selling car?