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Desjardin Mortgage Rates
Navigating the mortgage landscape can be complex, but with Desjardins, you have access to a variety of mortgage options designed to suit your financial goals. Whether you’re a first-time homebuyer or looking to refinance, understanding Desjardins’ mortgage rates is crucial to making informed decisions.
We compare mortgage rates from top lenders in Canada, including BMO mortgage rates, CIBC mortgage rates, RBC mortgage rates, TD Bank Mortgage Rates, and MCAP mortgage rates, and Citadel Mortgages rates called the Citadel Smart Home Plan mortgage rates. Let us simplify the process and help you secure approval quickly!
Desjardins mortgage rates overview
Desjardins Group is the largest cooperative financial group in North America, consisting of 293 local credit unions operating 1,032 points of service and serving more than 7 million members and clients in Canada.
Apart from retail banking, the Group has over twenty subsidiaries offering products and services related to venture capital funds, real estate, and insurance.
To stay competitive with the Big Five banks in Canada, Desjardins Group keeps its capital ratio well above the minimum regulatory requirements. They offer various mortgage products, including your typical open and closed and fixed or variable mortgages.
Desjardin’s most popular mortgage product is a closed, fixed-rate mortgage. They offer 1 to 10-year terms with a 90-day rate hold. This is ideal if you are looking to have payment stability.
Comparatively, and open, fixed-rate mortgage will be ideal if you’re looking to sell your home or if you’re expecting a short-term inflow of funds that can be used to pay your mortgage off. The interest rate remains the same until the end of your term, and the mortgage can be paid in full anytime, without any penalties.
A closed, variable rate mortgage primarily depends on the prime rate, subject to fluctuations in the market. Variable rates generally carry lower interest rates than their fixed counterparts, making them so appealing. Additionally, with a variable rate mortgage, you may convert to a fixed at any time should you feel necessary.
An open variable rate mortgage is open for one year and can be converted to a fixed at any time.
Current Desjardins Mortgage Rates
Content last updated: December 21, 2024 11:37 am
Desjardins offers a range of mortgage products with competitive rates:
- Fixed-Rate Mortgages: Lock in your interest rate and monthly payments for the entire term, providing stability and predictability.
- Variable-Rate Mortgages: Benefit from interest rates that may fluctuate with the market, potentially offering savings over time.
- Open and Closed Terms: Choose between flexible open mortgages, which allow for prepayments without penalties, and closed mortgages, which typically offer lower interest rates but with some restrictions on prepayments.
Desjardin Fixed-Rate Mortgages
Desjardin Fixed Rate Mortgage product reduces the risk of future interest rate fluctuations by “locking in” a specific interest rate for the term. This can create peace of mind for most homeowners, making it an appealing mortgage product for most home buyers; if you’re thinking of or arranging a new mortgage for a future or your current home, your fixed interest rate mortgage can be guaranteed up to 120 days before your home’s closing date. If the interest rates go up during that time, you will be guaranteed a lower rate.
Desjardin Variable-Rate Mortgages
The Desjardin Variable Rate Mortgages provides you with fixed payments over the term of your mortgage; keep in mind, the interest rate will fluctuate with any changes in the bank of Canada prime interest rate. If the bank of Canada prime rate goes down, more of your payment will go towards paying off your principal; while if the bank of Canada prime rate goes up, more of your payment will go towards your mortgage’s interest costs. This is a great financial tool for expecting rates to fall or take advantage of current low mortgage rates. Most times, the Desjardin variable mortgage is a convertible mortgage that allows you to convert to another term, such as a fixed mortgage at any time. This feature provides you with flexibility and security, as it enables you to convert to a longer closed term should your variable rate mortgage no longer meet your needs.
Desjardin mortgage application checklist
Once you have started the application process, Desjardin will ask you questions relating to what you owe and own; some of the expenses relating to the property, such as heating costs, taxes, and condo fees; also whether you will be using the property to generate income. Additional information Desjardin will require includes:
- Your last two years T1 and Notice of Assessment
- A current list of your assets and liabilities
- The confirmation of your down payment may include recent bank statements, a Gift Letter, or RRSP withdrawal confirmations.
- Job letter proving current employment and income, including recent payslips
- Documents are proving additional income such as child tax credit etc.
- The details about the property your buying or currently own, including the MLS listing (if applicable) and any associated bills and taxes (e.g., property taxes, heating costs, and condo fees).
More on Desjardins
Desjardins Bank ranked 20th in the 2011 Global Finance’s list of ‘the World’s 50 Safest Banks.’ In 2010, they were awarded the “Bank of the Year 2010 – Canada” by UK magazine, The Banker. These are just a few of the whole host of reasons why this long-established financial institution maintains great relationships among its 56 million clients in North America.
Desjardin prepayment charges
There are downsides to a fixed-rate mortgage, such as the restriction on paying out your mortgage early. Despite well-thought-out plans, unexpected life events sometimes require a mortgage to be broken and paid out early.
Like all of Canada’s Big six banks, Desjardin fixed-rate mortgage prepayment charges are calculated on the greater of:
- The interest rate differential (IRD) or
- Three months’ interest
This is based on the difference between the rate the bank could lend at today (the posted rate) and your rate for a term equivalent to the remaining term of your mortgage. The more your rate is above today’s published rates, the higher the IRD charge will be.
The Big six banks are notorious for having high— and astronomical— penalties. Always consider this when you are mortgage shopping or ask your mortgage broker; if there is a chance you may need to break your mortgage early, then you may be better off with a fair penalty lender. Or variable-rate mortgage (which charges three months’ interest penalty to break a mortgage early).
How does Desjardin set their Prime rate?
Each bank or lender determines its Prime rate. Banks in Canada usually look to the target overnight rate or the Policy Interest Rate set by the Bank of Canada (BoC). Similar changes typically follow changes in the target overnight rate in Prime rates. As a result, most banks and lenders in Canada have similar Prime rates.
Compare Desjardins Mortgage Rates
Why Choose Desjardins for Your Mortgage Needs?
Desjardins is committed to helping Canadians achieve their homeownership dreams through:
- Personalized Solutions: Tailored mortgage options that align with your financial situation and goals.
- Expert Advice: Access to knowledgeable advisors who guide you through every step of the mortgage process.
- Flexible Features: Options like prepayment privileges and various term lengths to suit your needs.
Comparing Desjardins Mortgage Rates
It’s essential to compare mortgage rates across different lenders to ensure you’re getting the best deal. At Rates4U.ca, we provide comprehensive comparisons of Desjardins’ rates with other major Canadian banks, helping you make informed decisions.
Compare rates from:
Special Desjardins Programs and Offers
It’s essential to compare mortgage rates across different lenders to ensure you’re getting the best deal. At Rates4U.ca, we provide comprehensive comparisons of Desjardins’ rates with other major Canadian banks, helping you make informed decisions.
For more details, visit Canada Mortgage and Housing Corporation (CMHC) to explore additional programs and resources.
FAQs About Desjardins Mortgage Rates
Desjardins provides fixed-rate and variable-rate mortgages with both open and closed terms to suit various financial needs.
Yes, Desjardins offers options for transferring your mortgage from another lender, often with attractive rates and terms.
Yes, Desjardins allows customers to prepay up to 15% of the original principal mortgage amount annually without penalties.
For more information, visit the [Government of Canada’s Mortgage Guide](https://www.canada.ca/en/services/
Final Thoughts - BMO Mortgage Rates & Mortgage Brokers: Your Key to the Best Rates
When it comes to finding the lowest mortgage rates, working with a mortgage broker can give you a significant advantage. Unlike banks that only offer their own rates and products, mortgage brokers have access to a wide range of lenders, including major banks, credit unions, and alternative lenders. This allows brokers to compare rates and tailor options to meet your unique financial needs.
At Rates4U.ca, we believe in helping you connect with top-tier mortgage brokerages, like Citadel Mortgages, known for consistently offering some of the lowest rates in Canada. By working with trusted brokerages, you get access to exclusive deals, personalized guidance, and expert support throughout the mortgage process.
Here’s how brokerages like Citadel Mortgages can help you:
- Market Access: They work with multiple lenders to find the best rates and terms for your situation.
- Exclusive Deals: Citadel Mortgages is known for negotiating rates lower than those publicly advertised by banks.
- Expert Support: Their experienced mortgage agents guide you through every step, ensuring a stress-free experience.
At Rates4U.ca, our mission is to simplify the mortgage process and connect you with brokers who deliver results. Whether you’re buying your first home, refinancing, or investing, brokerages like Citadel Mortgages can help you save thousands over the life of your mortgage.
Let us help you find the best broker and the lowest rates today—because saving on your mortgage starts here!