Desjardins Mortgage Rates

Desjardins mortgage rates overview

The Desjardins Group is one of the largest federations of credit unions in both Canada and all of North America. While it operates as a cooperative, Desjardins functions similarly to a major national lender, offering a range of fixed and variable mortgage products across Canada, with a particularly strong presence in Quebec.

Desjardins mortgage products

Desjardins offers various mortgage products designed to suit different borrowing needs, from borrowers looking for stable payments to homeowners wanting flexible access to their home equity. In addition to traditional fixed and variable-rate mortgages, Desjardins also offers bundled borrowing solutions like its Versatile Line of Credit.

Fixed-rate Desjardins mortgages

Desjardins fixed-rate mortgages are designed for borrowers looking for stable payments and protection from future interest rate increases. With a fixed-rate mortgage, your interest rate and regular payments stay the same for the full term of your mortgage. 

Borrowers can choose between a closed mortgage, which typically offers lower rates but limits how much you can pay off early without penalties, or an open mortgage, which offers more repayment flexibility at the cost of higher interest rates. Closed fixed-rate mortgages are available in terms ranging from 6 months to 10 years, while open fixed-rate options are offered in shorter 6-month and 1-year terms.

Desjardins also offers flexible payment options, including accelerated weekly and bi-weekly payment schedules, as well as prepayment privileges that can help borrowers pay down their mortgage faster.

Variable-rate Desjardins mortgages (fixed or variable payments)

Desjardins variable-rate mortgages may appeal to borrowers who are comfortable with some market fluctuation in exchange for potentially lower borrowing costs. Variable mortgage rates are tied to the lender’s prime rate, meaning they can rise or fall over time depending on market conditions.

Borrowers can choose between fixed-payment and variable-payment options. With a fixed-payment variable mortgage, regular payments stay the same even as interest rates fluctuate, while variable-payment mortgages adjust alongside changes to the lender’s prime rate. Most closed variable-rate mortgages are offered in 5-year terms, though shorter open-term options are also available for borrowers looking for added flexibility.

Versatile Line of Credit

The Desjardins Versatile Line of Credit is a home equity line of credit (HELOC) that combines mortgage financing with revolving access to your home equity. Eligible homeowners can borrow against up to 65% of their home’s value through the HELOC portion without refinancing, while also dividing their financing into multiple “tied loans” with different rates and repayment terms.

This type of borrowing structure can offer more flexibility than a traditional mortgage alone and may appeal to homeowners looking to finance renovations, consolidate higher-interest debt, or access funds for ongoing expenses while only paying interest on the amount borrowed.

Is it easy to get a mortgage with Desjardins​?

Qualifying for a mortgage with Desjardins is similar to applying with most major Canadian lenders. While approval ultimately depends on your overall financial profile, borrowers with stronger credit and stable income are generally more likely to qualify for the lowest rates and best mortgage terms. Desjardins will typically look at factors such as:

• Your credit score and credit history
• Your income and employment stability
• Your debt service ratios (how much debt you already carry compared to your income)
• Your down payment amount
• The type and value of the property you’re purchasing

Desjardins offers mortgages for a range of borrowers, including first-time home buyers, existing homeowners, and some self-employed applicants. You can apply directly through Desjardins or work with a mortgage broker to compare options across multiple lenders and potentially negotiate a better rate.

What are Desjardins mortgage prepayment options?

Desjardins offers several prepayment options that can help borrowers pay off their mortgage faster and reduce interest costs over time. Depending on your mortgage terms, you may be able to:

• Make lump-sum prepayments of up to 15% of your original mortgage amount each year without prepayment charges
• Increase your regular mortgage payments by up to double the original payment amount
• Switch to accelerated weekly or accelerated bi-weekly payment schedules
• Combine multiple prepayment options to pay down your mortgage faster

For open mortgages, there’s generally no limit on how much you can repay early without penalties. Prepayment charges may apply if you exceed the limits set out in your mortgage contract, particularly with closed mortgages.

Renewing a Desjardins mortgage

When your Desjardins mortgage term is ending, you’ll receive a renewal offer with updated rates and terms. With a closed mortgage, you can usually renew without penalties during the final 4 months of your term, while open mortgages generally allow changes at any time without prepayment charges. Desjardins allows borrowers to renew online through AccèsD, by phone, or with a mortgage advisor.

Before renewing, it’s important to compare rates and reassess your financial goals. Renewal may be a good time to:

• Switch between fixed and variable mortgage rates
• Adjust your payment frequency or amortization period
• Switch to another lender for better mortgage rate and terms

Whether you’re buying a home, renewing your mortgage, or comparing fixed and variable rates, reviewing multiple lenders can help you find the right combination of mortgage features for your financial goals.