Proof of funds - mortgage

[Timeoutbleh]

Hi All,

I am wondering what to include as Proof of funds for the Express Entry application as I have mortgages. I have the following accounts:

Savings - Far exceeding CIC required amount
Mortgage account 1 (for my home)
Mortgage account 2 (for my investment property)
Credit card - No carry forward and paid off monthly

It is stated on CIC webiste

For proof, you must get official letters from any banks or financial institutions where you are keeping money.

Letter(s) must:

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account:

I was originally thinking of printing out account statement as Proof of funds however it seems they are asking for a letter to be issued by the bank incorporating elements stated above. Is this something you have done for your proof of funds or did you simply printed account statements? How did you show your debts and loans? When including mortgages as part of Proof of Funds, did you also have to supply property valuations to demostrate your property worth?

Thanks in advance

Ed

 

[RBCAN]

I too have doubt about the bold point. My bank gave a letter stating balance in savings account but they don't provide any letter for loans/debts. They said I could download a month to month/ year end statement but not sure how a 30 page doc will be helpful.
You can check if you can get a statement stating the original loan amt, whats already paid and what you still owe.
I read in some thread that it is not required to show all the outstanding loans but you may want to do some more research on that part.
If you don't get the letter from bank, then next best option is to submit bank statements for last 6 months.

 

[Timeoutbleh]

Bump

 

[Bhargavg2002]

Hi All,

I am wondering what to include as Proof of funds for the Express Entry application as I have mortgages. I have the following accounts:

Savings - Far exceeding CIC required amount
Mortgage account 1 (for my home)
Mortgage account 2 (for my investment property)
Credit card - No carry forward and paid off monthly

It is stated on CIC webiste

For proof, you must get official letters from any banks or financial institutions where you are keeping money.

Letter(s) must:

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account:

I was originally thinking of printing out account statement as Proof of funds however it seems they are asking for a letter to be issued by the bank incorporating elements stated above. Is this something you have done for your proof of funds or did you simply printed account statements? How did you show your debts and loans? When including mortgages as part of Proof of Funds, did you also have to supply property valuations to demostrate your property worth?

Thanks in advance


Any update on this? as far as I understood that the loans they are referring are the unsecured loans like personal loan or cash advances, in case of mortgage loan or car loans the asset assures the collateral so I think that shouldn't come as the debt. This is my personal opinion but I would like to hear from your experience.

Thanks in advance.

Ed

 

[polyglot_wannabe]

Hi All,

I am wondering what to include as Proof of funds for the Express Entry application as I have mortgages. I have the following accounts:

Savings - Far exceeding CIC required amount
Mortgage account 1 (for my home)
Mortgage account 2 (for my investment property)
Credit card - No carry forward and paid off monthly

It is stated on CIC webiste

For proof, you must get official letters from any banks or financial institutions where you are keeping money.

Letter(s) must:

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account:

I was originally thinking of printing out account statement as Proof of funds however it seems they are asking for a letter to be issued by the bank incorporating elements stated above. Is this something you have done for your proof of funds or did you simply printed account statements? How did you show your debts and loans? When including mortgages as part of Proof of Funds, did you also have to supply property valuations to demostrate your property worth?

Thanks in advance

Ed

Hi Sir. How did your case go? I am in the same situation now and have not found any clear answer on this. Please update. Thank you!

 

[yiso91]

For your saving account and If you gonna use it as primary proof of funds, try to get a letter that have all the specifications mentioned by IRCC already. Average balance can be substituted by just providing six months account statement. Opening date can be substituted by providing account open letter which you would normally get once your account was opened.

As for debt facilities, you definitely can try and get a liabilities certificates which many banks around the world do provide and it shows the current owed balance as well. For IRCC, they don't care when it did start they do care how much is left to be paid. They use that information along side information provided for your saving account to calculate your net worth.

Hope it helps