what is proof of funds?
A proof of funds (POF) is a document proving that a person or a company has the financial ability to perform a transaction. The POF can be issued by a bank, a financial institution or a trade finance. For instance, a POF is generally obligatory for people seeking mortgages, as bankers are often more willing to issue them to those who have the sufficient funds to pay their mortgages off as opposed to those who cannot do so. Thus, a POF letter provides the selling or lending party with confidence that the funds are obtainable and legitimate.
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