Mortgage loan - proof of fund Canada Immigration?

[Sangeet1984]

Hi All

I have a question regarding proof of fund.

Does a mortgage loan (Loan against property) on the name of my father (Primary applicant) where my name is mentioned as source of income (Secondary applicant) have any effect on proof of fund while applying for PR?

Please help !

Thanks !
Sangeet

 

[luv2read90]

Hi All

I have a question regarding proof of fund.

Does a mortgage loan (Loan against property) on the name of my father (Primary applicant) where my name is mentioned as source of income (Secondary applicant) have any effect on proof of fund while applying for PR?

Please help !

Thanks !
Sangeet

A Mortgage is secured by the property it is financing. You therefore would not need to mention this debt as CIC will not take into consideration the value of your house in their calculations.

Only if they needed a net worth calculation, would you mention your total assets and total liabilities.

So for now, Just give them a bank letter outlining your current balance and the balance over the last 6 months. No need to worry about mentioning any loans unless you took one to fund your application for Permanent Residence (which is not allowed).

 

[olak131]

A Mortgage is secured by the property it is financing. You therefore would not need to mention this debt as CIC will not take into consideration the value of your house in their calculations.

Only if they needed a net worth calculation, would you mention your total assets and total liabilities.

So for now, Just give them a bank letter outlining your current balance and the balance over the last 6 months. No need to worry about mentioning any loans unless you took one to fund your application for Permanent Residence (which is not allowed).

I disagree a lil with your response.
A mortgage loan reflects a lot about your finances. I went through one so I can tell you.
The mortgage lender goes through a more rigorous check( more rigorous than what CIC does) before you can be approved for one. And it's an asset and aND the equity you have in it also is an available funds!
Home owners are highly respected in Canada and it's a thing of pride.
The only problem I have is; He isn't the primary owner of the home.
I added it to my application and my gcms notes showed I met minimum funds.

 

[luv2read90]

Well.. to each his own. I also have a Mortgage on my home and a car loan and I will mention neither when submitting my POF because I believe I will be assessed on what I owe and not the equity that is financing it (the actual house and car).

I just see it as providing unnecessary information. But it worked out for you, so that's awesome.

 

[olak131]

Well.. to each his own. I also have a Mortgage on my home and a car loan and I will mention neither when submitting my POF because I believe I will be assessed on what I owe and not the equity that is financing it (the actual house and car).

I just see it as providing unnecessary information. But it worked out for you, so that's awesome.

You are right, at the end of the day, what works for everyone is different.
While a mortgage appreciates, cars are depreciating assets, so I don't think adding cars is a good idea but a home is definitely a good idea!
When applying for TRVS, CIC encourages addition of landed properties as home ties.
So it helps your financial situation here in Canada, Trust me.

 

[pdinesh25]

Well.. to each his own. I also have a Mortgage on my home and a car loan and I will mention neither when submitting my POF because I believe I will be assessed on what I owe and not the equity that is financing it (the actual house and car).

I just see it as providing unnecessary information. But it worked out for you, so that's awesome.

If the monthly payments for my mortgage loan goes out from the checking account, since I provide statements of my checking account, won't that be apparent to the officer that I have a mortgage loan? Besides, on the requirements it states statements of all outstanding loans. I plan to apply soon and I thought that I'd check your thoughts on this as well!

 

[Gary2k1]

Well.. to each his own. I also have a Mortgage on my home and a car loan and I will mention neither when submitting my POF because I believe I will be assessed on what I owe and not the equity that is financing it (the actual house and car).

I just see it as providing unnecessary information. But it worked out for you, so that's awesome.

Hi..I have a similar situation.. I have a home loan..but I have sufficient funds in my bank accounts to show as POF..Could you please advise did you show your Home loan.. and what is current status of your application?

 

[Gary2k1]

If the monthly payments for my mortgage loan goes out from the checking account, since I provide statements of my checking account, won't that be apparent to the officer that I have a mortgage loan? Besides, on the requirements it states statements of all outstanding loans. I plan to apply soon and I thought that I'd check your thoughts on this as well!

Hey, what did you finally do..did you declare home loan or not?

 

[wstrn24]

I disagree a lil with your response.
A mortgage loan reflects a lot about your finances. I went through one so I can tell you.
The mortgage lender goes through a more rigorous check( more rigorous than what CIC does) before you can be approved for one. And it's an asset and aND the equity you have in it also is an available funds!
Home owners are highly respected in Canada and it's a thing of pride.
The only problem I have is; He isn't the primary owner of the home.
I added it to my application and my gcms notes showed I met minimum funds.

Did you submit any document to prove that you're the owner? I have a mortgage too and it's on the bank statement. But I didn't mention that I own the property.... not sure if it will be a problem...

 

[Sudhar25]

Hi All

I have a question regarding proof of fund.

Does a mortgage loan (Loan against property) on the name of my father (Primary applicant) where my name is mentioned as source of income (Secondary applicant) have any effect on proof of fund while applying for PR?

Please help !

Thanks !
Sangeet

Hi ! I have got a very similar situation like you. In my case it's my father in law who wishes to take a mortgage loan with myself as secondary applicant (source of income). I am planning to put it in FD. I am yet to get an ITA. Hence I feel it takes atleast 3 to 4 months from now for my ITA. I felt in the mean time I could show this as my savings so far that I accumulated as FD. Won't it work? Any seniors to throw some light?

 

[olak131]

Did you submit any document to prove that you're the owner? I have a mortgage too and it's on the bank statement. But I didn't mention that I own the property.... not sure if it will be a problem...

I submitted documents that I am the owner.
I think I kind of agree now not to add mortgage.
As long as you have your minimum required funds in there, it's enough.

 

[olak131]

Hi ! I have got a very similar situation like you. In my case it's my father in law who wishes to take a mortgage loan with myself as secondary applicant (source of income). I am planning to put it in FD. I am yet to get an ITA. Hence I feel it takes atleast 3 to 4 months from now for my ITA. I felt in the mean time I could show this as my savings so far that I accumulated as FD. Won't it work? Any seniors to throw some light?

I don't think it's a good idea.
Especially considering you are not the primary on it.
Just get required funds is okay

 

[Gury Singh]

Hello Friends
I wil show gift deed from my father, but i do have home loan as well. Do i need to show home loan? If yes, how it will impact my application?

 

[Gury Singh]

Hello friends... i wil show gift deed from my father, but i do have home loan as well. Do i need to show home loan? If yes, how it will impact my application?

I don't think it's a good idea.
Especially considering you are not the primary on it.
Just get required funds is okay

 

[Gury Singh]

Pls reply