Compare Desjardins Mortgage Rates in Canada

The largest federation of credit unions in North America is The Desjardins Group, a Canadian financial cooperative. Although it is widely established in Ontario and further abroad, Quebec is where it has the strongest regional presence. In this comparison post, we’ll show you how Desjardins mortgages compare to those of their rivals as well as the solutions, rates, and unique features they provide.

Key Highlights

  • There are 7.5 million members of the financial cooperative Desjardins countrywide.
  • Desjardins offers collateral charge mortgage products that allow for unlimited components. These can be set up as a line of credit, term loan, mortgage, HELOC, credit card(s), or overdraft protection secured by your home.
  • Open and closed fixed-rate mortgages, Desjardins variable rate mortgages, and a home equity line of credit are just a few of the well-known mortgage options offered by Desjardins (HELOC).

Compare Desjardins Mortgage Rates

Desjardins offers a basic selection of mortgages, including closed and open fixed-rate mortgages, variable-rate mortgages, and a line of credit, all at competitive rates. Looking at all the best rates at once is the greatest approach to compare Desjardins mortgage rates with those offered by other lenders. You might save thousands of dollars over the term of your mortgage by conducting your research now.

Compare Big Bank & Lender Rates

It can be time-consuming and frustrating to compare rates by yourself. With us, you can find everything you need in one convenient location. Also, ensure that you consider the mortgage product term length and type when comparing rates. For instance, if you are in the market for a fixed-rate mortgage, it is essential to examine the range of terms given by various banks, such as three-year and five-year offerings, and not just the interest rate.

How to Compare Bank Rates from Big Banks

Every big lender will have their own lending standards and conditions, much like lenders like Desjardins. It might take some time to compare rates from large banks, credit unions, and other alternative lenders, but it’s crucial to choose a rate that works for you and a product that meets your needs. Desjardins has a somewhat limited assortment of mortgages and focuses on a certain clientele. To ensure you receive the best deal, it is always worthwhile to compare Desjardins mortgage rates with other lenders in the market. 

Checking out numerous options at once is one of the greatest methods to compare mortgage rates from large lenders. We not only provide assistance in comparing the best rates, but we also make direct loans.

Desjardins Overview & Stock Information

A network of caisses makes up the cooperative bank known as The Desjardins Group. Desjardins is not publicly traded on a stock market since each caisse is a cooperative owned by its members. For the reasons already mentioned, Desjardins does not include publicly traded shares of the firm in its Canadian Preferred Share Index ETF (Exchange Traded Funds), which is denoted by the ticker symbol DCP.TO. Levis, Quebec, serves as both the cooperative’s headquarters and foundation place.

Desjardins Prime Rate

Lenders like Desjardins base a variety of products, including mortgages, credit cards, and lines of credit, on Desjardins prime rates. For the majority of loan products, Desjardins prime rates are often paired with either a positive or negative spread (for example, +/- 1.5%), depending on the amount of risk that a client represents. The prime rate for most Canadian lenders is the same. Here is a timeline of the Canadian Prime Rate.

Desjardins 5-Year Fixed and Variable Rate History

Desjardins interest rates have often followed market movements, including rate reductions at the height of COVID-19 and subsequent rate increases following the pandemic.

Desjardins Mortgage Products

Desjardins does not provide a broad selection of mortgages; rather, it provides a restricted number of affordable traditional mortgage solutions. This covers open and closed fixed-rate mortgages, mortgages with Desjardins variable mortgage rates, and a credit line. Here is a summary of the mortgage options offered by Desjardins as of today.

Versatile Line of Credit

The Desjardins company also provides a HELOC or home equity line of credit. HELOCs are revolving credit lines based on the equity in your house, and they operate similarly to credit cards in that you only pay interest on the amount you use each month.

Once you’ve paid down 20% of the assessed value of your house, you can borrow up to 65% of that amount with a Desjardins HELOC. The combined sum of your Desjardins line of credit and any linked loans (vehicle, RRSP, credit cards) cannot, however, be greater than 80% of the value of your house. It is advised that you apply for a HELOC at the same time as you apply for or renew a mortgage, and many lenders may assist you in doing this.

Desjardins Mortgage Payment Increases

Mortgage prepayment refers to increasing the frequency of your monthly payments or making a lump sum payment on your Desjardins mortgage. You can make yearly prepayment allowances with any lender, including Desjardins. Your mortgage balance is immediately affected by additional payments, which might eventually lower the total cost of your Desjardins mortgage and interest.

Desjardins provides a variety of choices for rising mortgage payments, including:

Increasing your payment amount

You can increase your regular payment amount on closed mortgages from Desjardins (fixed and variable rate) without incurring any fees or penalties. You are allowed to make this payment up to twice as much as what is specified in your Desjardins mortgage contract once per calendar year. If your typical monthly payment is $1500, for instance, you can boost it to $3000 once a year. After that, you can return your money to the original amount.

Make accelerated payments

Desjardins will also enable you to accelerate your mortgage payments, which basically means you’ll make an extra payment per year. This will shorten the amortization term and may result in significant interest savings for you. You may pay weekly or every two weeks with Desjardins, which is equal to an additional monthly payment.

Increase your payment frequency

Under certain circumstances, Desjardins will enable you to raise the frequency of your mortgage payments at any time without incurring any fees or penalties. To assist you in calculating the impact of adjusting payments on your Desjardins mortgage, they provide a mortgage payment calculator.

Desjardins Annual Mortgage Prepayment

On certain of its mortgages, Desjardins allows yearly mortgage prepayments of up to 15%. This is seen as reasonable and consistent with a number of other significant Canadian lenders, including TD and Scotiabank.

Renewal Process with Big Banks

You may renew your mortgage with Desjardins online, and you can also do it using their mobile app. You can also speak with Desjardins directly to renew your mortgage in person or over the phone. When your mortgage is up for renewal, you typically get a notice of renewal with an associated Desjardins interest rate a few months before your term expires. You are not required to renew your loan with Desjardins or any other lender, though. If the market has shifted, you may be able to obtain a considerably better rate when renewing with another lender in addition to your existing one. 

Compare mortgage rates by Desjardins to others to ensure you’re receiving the best deal possible before renewing your mortgage with major banks and other conventional lenders.

Frequently Asked Questions

Here are the most frequently asked questions about Desjardins’ mortgages and rates.

Are Desjardins rates lower than other big banks?

Desjardins rates are in line with other bank rates.

What are the benefits of choosing a smaller lender?

Obtaining a mortgage through a smaller lender generally has many advantages. One reason is that big banks have stringent regulations about who can qualify for their mortgage products, but smaller lenders are more likely to take the time to hear you out before deciding whether or not to provide you with a loan. A further advantage of dealing with a smaller lender is that they would likely focus solely on your mortgage needs and not try to upsell you on any additional services. This means they will pay even closer attention to your needs and strive to give you the best mortgage service possible.

How do I get a mortgage with Desjardins?

Desjardins has your back if you’re looking to purchase a home and apply for a mortgage loan! With an array of services developed to assist new homeowners with their application process, obtaining approval is made easy. From online tools available on their website to the more hands-on approach by setting up an appointment with one of their expert advisors, Desjardins has you covered.

Final Thoughts

In Canada, Desjardins has more than 7.5 million members, making it a sizable lender. Desjardins is a well-known financial co-op with several cases around the nation, with Quebec and Ontario accounting for the majority of its activity. Even if their Desjardins’ interest rates are quite competitive, it’s still wise to shop around for the best mortgage rates. We at Nesto can assist you in finding the best rates available, and we also provide direct loans. Speak to our experts if you currently have a Desjardins mortgage and want to renew it with a different lender or if you’re searching for your first mortgage.