Whether you desire a fixed, variable or open mortgage, Desjardins offers competitive rates to prospective homebuyers.
To most Canadians, buying a real estate property is one of the biggest investments in life. Therefore, finding the right mortgage can make all the difference in terms of costs and convenience. Desjardins provides a variety of options to its borrowers.
In this article, you will discover the different types of mortgage rates offered by Desjardins, as well as their advantages and disadvantages.
Fixed mortgage rates at Desjardins
A fixed mortgage rate is a type of mortgage rate wherein the interest rate remains the same throughout the term of the mortgage loan. More specifically, the amount of the monthly payments is also fixed during the loan term. The interest rate is determined at the time the contract is signed and is based on prevailing market conditions. At Desjardins, fixed mortgage rates are offered for terms ranging from 1 to 10 years.
These rates are based on various factors such as:
- The term of the loan
- The amount borrowed
- The financial situation of the borrower
The advantages and disadvantages of a fixed mortgage rate:
- Advantages:
- Security to borrowers
- Stability in mortgage payments.
- No impact during interest rate increases.
- Disadvantages:
- Fixed mortgage rates are generally higher than variable mortgage rates.
- Prepayments of the mortgage loan may be subject to penalty charges.
Fixed mortgage rates are best suited for people who have a fixed budget and need stability in their mortgage payments. They are also suitable for people who want protection from future rate increases.
Variable mortgage rates at Desjardins
Unlike fixed mortgage rates, variable mortgage rates fluctuate with market interest rates.
In Quebec, they are available for periods ranging from a few months to several years. However, the most common terms are 1, 3, and 5 years. Initial interest rates for variable mortgages are generally lower than fixed mortgage rates.
The advantages and disadvantages of the variable mortgage rate:
- Benefits:
- The variable interest rates offered are initially lower than the fixed interest rates.
- Mortgage payments may decrease during repayment.
- Disadvantages:
- Loans are potentially more risky and uncertain.
- Mortgage payments may increase as interest rates fluctuate.
Borrowers should consider their financial situation and risk tolerance before choosing their type of mortgage.
Choose an open or closed mortgage rate
An open mortgage allows borrowers to repay their loan in whole or in part at any time without penalty charges.
Open mortgages are suitable for people who plan to pay off their loan in the near future. This is the case for those who anticipate a significant inflow of money – from an inheritance or a real estate sale, for example. Borrowers who choose an open rate mortgage must be prepared to pay a higher interest rate in exchange for the flexibility.
Open mortgage rates can be offered for a variety of terms, ranging from a few months to several years.
The advantages and disadvantages of the open mortgage rate:
- Advantages:
- Flexibility for the early repayment of the loan.
- Disadvantage:
- Open mortgage rates are more expensive than closed mortgage rates.
A closed mortgage rate, on the other hand, obliges borrowers to hold their loan for a fixed period.
Did you know?
In 2025, 75% of mortgages were fixed rate mortgages and 25% variable rates.
Steps for obtaining a mortgage loan from Desjardins
Here are the general steps for obtaining a mortgage loan from Desjardins:
1. Assessment of your financial situation
The first step is to assess your financial situation. This includes looking at your income, expenses, debts and assets. You will be able to determine how much mortgage you can afford.
2. Find a mortgage broker
You can be helped by a mortgage broker who works with Desjardins. Their role is to help you through the mortgage application process and get the best rates.
3. Complete the Mortgage Application
The Desjardins mortgage application is available online or from a mortgage broker. You will need to provide information about your employment, income, debts, and assets.
4. Get pre-approved
After submitting your application, you can be pre-approved for a mortgage loan. This gives you an idea of how much you can borrow, and helps you plan your home purchase.
5. Choose your mortgage type
Desjardins offers a variety of mortgages, including fixed and variable rates, open, or closed.
6. Obtain a property appraisal
Before finalizing your mortgage application, you will need an appraisal of the property to determine its value.
7. Prepare the necessary documents.
You will need to provide documents such as your bank account statements, tax slips, and pay slips or proof of income to prove your ability to repay the mortgage
8. Finalize the request
After submitting all the required documents, your application will be reviewed and approved if it meets Desjardins' criteria.
9. Loan signing.
Once your mortgage application has been approved, you will sign an agreement that outlines the terms of the loan, including the interest rate, repayment terms and fees.
10. Closing of the transaction
After signing the agreement, the transaction will be finalized and the funds will be paid to the seller of the property. You will then begin to repay your mortgage according to the terms of the agreement.
Comparison of Desjardins mortgage rates
Here are the comparative tables of fixed-rate loans offered by Desjardins as of May 11th, 2026:
Fixed rate closed loan Interest rate by term | |
Term | Interest Rate |
6 months | 7.99 % |
1 year | 5.49 % |
2 years | 5.59 % |
3 years | 5.99 % |
4 years | 4.39 % |
5 years | 4.49 % |
6 years | 6.29 % |
7 years | 6.39 % |
10 years | 6.89 % |
Fixed rate open loan Interest rate by term | |
Term | Interest Rate |
6 months | 9.75 % |
1 year | 9.50 % |
Here are the comparative tables of variable rate loans offered by Desjardins as of May 11th, 2026:
Reduced floating rate closed loan Interest rate by term | |
| Term | Interest rate |
| 5 years | 4.45 % |
Closed loan at an annually adjustable rate Interest rate by term | |
| Term | Interest rate |
| 5 years | 5.49 % |
Protected Variable Rate Closed Loan Interest rate by term | |
Term | Interest rate |
5 years | 4.70 % |
Maximum rate: 7.54% | |
Regular variable rate open loan Interest rate by term | |
Term | Interest rate |
1 year | 5.70 % |
2 years | 5.70 % |
Would you like to know your best options for a mortgage loan with Desjardins?
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