My family is starting the process of creating our profiles for permanent residency (federal skilled worker stream). It looks like we need POF of ~$19K CAN. We have ~$25K USD in the bank. At that same bank, we also have a mortgage of about $95K USD on our house, which we expect to sell (upon our application being approved) for ~$200K USD.
My question is this -- if our proof of fund document (from our bank) shows $25K USD with a $95K USD mortgage, will that be a problem? In other words, will the mortgage negate the funds? Is there additional documentation we should submit to prove the value of the home?
In addition, we have ~$700K USD in various retirement and investment accounts. In reaching out to those financial institutions, though, they won't put a 6 month average in the POF letter (since they aren't banks). If I submit letters about these funds without the 6 month average (but with our names, account numbers, current balance, etc.) will they be accepted?
My question is this -- if our proof of fund document (from our bank) shows $25K USD with a $95K USD mortgage, will that be a problem? In other words, will the mortgage negate the funds? Is there additional documentation we should submit to prove the value of the home?
In addition, we have ~$700K USD in various retirement and investment accounts. In reaching out to those financial institutions, though, they won't put a 6 month average in the POF letter (since they aren't banks). If I submit letters about these funds without the 6 month average (but with our names, account numbers, current balance, etc.) will they be accepted?
