Proof of Funds and Home Loans

[deadbird]

What is the consensus on home loans and mortgages as proof of funds for EE FSW ? I have been extensively looking through the forum and am getting conflicting advice. Some recommend ignoring liabilities such as mortgages and car loans while others mention getting your property valued by three independent appraisers and reporting it as (Funds = Assets - Liabilities).

Any consensus on this? Additionally does anyone have an experience where mortgage was an issue ?

 

[JoacRy]

What is the consensus on home loans and mortgages as proof of funds for EE FSW ? I have been extensively looking through the forum and am getting conflicting advice. Some recommend ignoring liabilities such as mortgages and car loans while others mention getting your property valued by three independent appraisers and reporting it as (Funds = Assets - Liabilities).

Any consensus on this? Additionally does anyone have an experience where mortgage was an issue ?

There are differing views on this. I am of the view that every applicant should be 100% honest about everything. In my case I declared all my funds as well as credit card card liabilities in Canada and in my home country. I don't have any loans but I thought disclosing credit card liabilities gives the VO a true idea about my net financial position.

As I said, others may not agree, and I have read people say you don't need to disclose liabilities; but this is my 2 cents.

Good luck with your application.

 

[Asivad Anac]

There are differing views on this. I am of the view that every applicant should be 100% honest about everything. In my case I declared all my funds as well as credit card card liabilities in Canada and in my home country. I don't have any loans but I thought disclosing credit card liabilities gives the VO a true idea about my net financial position.

As I said, others may not agree, and I have read people say you don't need to disclose liabilities; but this is my 2 cents.

Good luck with your application.

It isn't about honesty. For applicants from most countries, IRCC doesn't allow any other assets except funds in the bank. Such applicants will be severely disadvantaged if their liabilities are accounted but not their associated assets. They would end up net negative almost all the time. In such cases, it is prudent to not complicate the settlement funds situation and simply provide what is explicitly asked for by IRCC - conclusive proof that you have access to unencumbered settlement funds as required in your situation.

For the OP's question, IRCC does accept independent property valuations from certain countries especially those where the 'market' is considered to be mature and legalized. However, disallowing applicants from other countries would bd contrary to the spirit of the Canadian Constitution wherein you aren't allowed to discriminate between applicants solely on the basis of their nationality. This probably leads to property valuations being a 'known' grey area. If you're from NA or a Western European country, you can probably use property valuations as POF.

All the best!