Proof Of Funds for EE? (Mortgage, Debt etc)
Dec 19th 2020, 9:55 am
#1
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Joined: Oct 2020
Posts: 14
Proof Of Funds for EE? (Mortgage, Debt etc)
I have calculated my CRS score and I am eligible for Express Entry with 476 points (Including Age, Education, work experience etc).
My concern was around proof of funds and the debts around this:
Mortgage: £100k (Property Value: £160k)
Student Loan: £20k
Credit cards: £5k
Current balance: £8K
POF Required: $12960CAD (est. £7520)
1. Considering the debts I have is it still worth applying?
2. I understand 6 months worth of finance history should be supplied, the balance during this time has fluctuated between £3k-£6k throughout this time. Would I need to show that I have had the balance equivalent to $12960CAD throughout this time or would the fluctuation of the balance not matter?
Before I take any steps with the application I want to see if it's worth me applying or if I should wait 6 months to maintain a balance equivalent to what is required.
Thanks in advance
My concern was around proof of funds and the debts around this:
Mortgage: £100k (Property Value: £160k)
Student Loan: £20k
Credit cards: £5k
Current balance: £8K
POF Required: $12960CAD (est. £7520)
1. Considering the debts I have is it still worth applying?
2. I understand 6 months worth of finance history should be supplied, the balance during this time has fluctuated between £3k-£6k throughout this time. Would I need to show that I have had the balance equivalent to $12960CAD throughout this time or would the fluctuation of the balance not matter?
Before I take any steps with the application I want to see if it's worth me applying or if I should wait 6 months to maintain a balance equivalent to what is required.
Thanks in advance
Jan 5th 2021, 10:13 pm
#2
Forum Regular
Joined: Jun 2019
Posts: 85
Re: Proof Of Funds for EE? (Mortgage, Debt etc)
I'm curious about this. We have our ITA and are putting the application together, including POF now. I can let you know how ours goes (in several months!), but our situation sounds similar and we are just ploughing though with hope.
My husband and myself scored 482. We both have student debt and a mortgage, and have paid off credit cards within the last 6 months they will review for history. I'm not sure how the 6 month history is considered, if we obviously have the POF at the time of applying.
My husband and myself scored 482. We both have student debt and a mortgage, and have paid off credit cards within the last 6 months they will review for history. I'm not sure how the 6 month history is considered, if we obviously have the POF at the time of applying.
Jan 6th 2021, 1:01 am
#3
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Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Proof Of Funds for EE? (Mortgage, Debt etc)
https://www.canada.ca/en/immigration...oof-funds.html
The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use here when you arrive.
For proof, you must get official letters from any banks or financial institutions where you’re keeping money.
Letter(s) must
For proof, you must get official letters from any banks or financial institutions where you’re 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, the
- account numbers
- date each account was opened
- current balance of each account
- average balance for the past 6 months
Jan 6th 2021, 3:15 pm
#4
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Joined: Jun 2019
Posts: 85
Re: Proof Of Funds for EE? (Mortgage, Debt etc)
Jan 6th 2021, 3:41 pm
#5
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Joined: Oct 2007
Location: In a darkened room somewhere.............
Posts: 34,027
Re: Proof Of Funds for EE? (Mortgage, Debt etc)
They'll check that you haven't had a sudden chunk of money deposited and if you have, ask you to prove where it's come from. It's to stop people borrowing money from friends/family and using that as their POF.
Jan 7th 2021, 1:09 pm
#6
Forum Regular
Joined: Jun 2019
Posts: 85
Re: Proof Of Funds for EE? (Mortgage, Debt etc)
Would a work bonus be a suspicious 'large deposit'?
Jan 7th 2021, 1:51 pm
#7
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Posts: 34,027
Jan 19th 2021, 12:50 pm
#8
Forum Regular
Joined: Jun 2019
Posts: 85
Re: Proof Of Funds for EE? (Mortgage, Debt etc)
Hi, do you know any more about student loans and mortgages? Obviously we can evidence their total, regular payments and what they are for- but if the thousands of pounds on these count as 'debt', would it be a waste of time putting the application in?
Jan 19th 2021, 12:51 pm
#9
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Joined: Oct 2007
Location: In a darkened room somewhere.............
Posts: 34,027
Re: Proof Of Funds for EE? (Mortgage, Debt etc)
Debts make no difference.
