Is mortgage considered a debt

[hma1987]

Hi.

I've bought a house on a mortgage (secured by that house) and have a clean history so far. Is it considered a debt when it says I should have no serious debt to be eligible for akilled worker?

Thanks.

 

[canuck78]

Yes mortgage debt is fine.

 

[dadofethan]

Yes mortgage debt is fine.

Hi would like your opinion on this matter.

How does IRCC calculate PoF vs outstanding debt specifically a house loan? I have funds above the minimum required. I am also currently employed which covers my monthly amortization for the house but still have 6 years on the mortgage. Will they hold the entire remaining house loan amount against my funds? Please explain formula immigration officer will use.

Also how does IRCC find out about debt if you don't declare it (Both loan and credit card debt) ?
I heard of people getting rejected due to not declaring it to IRCC. Example: I know someone who had unpaid credit card debt but was still able to immigrate last 2015. But I also know another person who also had outstanding credit card debt and didn't declare it in his IRCC application and got rejected by IRCC last 2019

 

[johnnycyrille]

Hi would like your opinion on this matter.

How does IRCC calculate PoF vs outstanding debt specifically a house loan? I have funds above the minimum required. I am also currently employed which covers my monthly amortization for the house but still have 6 years on the mortgage. Will they hold the entire remaining house loan amount against my funds? Please explain formula immigration officer will use.

Also how does IRCC find out about debt if you don't declare it (Both loan and credit card debt) ?
I heard of people getting rejected due to not declaring it to IRCC. Example: I know someone who had unpaid credit card debt but was still able to immigrate last 2015. But I also know another person who also had outstanding credit card debt and didn't declare it in his IRCC application and got rejected by IRCC last 2019

They won't hold anything related to the house because it is consider an asset and not like a personal loan that should be deducted from your gross funds amount.

Concerning the credit card, they can detect any outstanding amount when you submit a statement. Unless you highlight the issue there's a big probability they can't discover because of confidentiality.

 

[dadofethan]

They won't hold anything related to the house because it is consider an asset and not like a personal loan that should be deducted from your gross funds amount.

Concerning the credit card, they can detect any outstanding amount when you submit a statement. Unless you highlight the issue there's a big probability they can't discover because of confidentiality.

Thanks! To further clarify, i know I'm to submit past 6 months banks statement right. So i don't have to submit credit card statement? But i submit mortgage just to be transparent right? My issue is: i have pending debt from another bank, different from my savings account. Will they be able to detect the debt from another bank (bank B) if i only submit savings from bank A?

 

[mr.preetsingh]

Thanks! To further clarify, i know I'm to submit past 6 months banks statement right. So i don't have to submit credit card statement? But i submit mortgage just to be transparent right? My issue is: i have pending debt from another bank, different from my savings account. Will they be able to detect the debt from another bank (bank B) if i only submit savings from bank A?

Just submit the POF document which is a balance certificate from the bank where you have kept funds for PR.

 

[johnnycyrille]

Will they be able to detect the debt from another bank (bank B) if i only submit savings from bank A?

The honest answer is no

 

[shayusuf247]

agree