Desjardins - Mortgages table

[Close]

Desjardins mortgages at a glance
	Open, fixed-rate mortgage	Closed, fixed-rate mortgage	"5 in 1" Yearly Fixed-Rate Resetter Mortgage	Protected Fixed-Rate Variable Mortgage	Regular variable-rate mortgage
Features	-	-	Rate is reset annually to one-year rate.	Payments stay the same when interest rates fluctuate. If prime rate exceeds a target percentage rate, payments are recalculated.	Payments fluctuate when interest rates change.
Advantages	Stable rates and payments. Ideal if you expect to be able to apply funds against mortgage.	Stable rates and payments. Lower interest rate than open fixed-rate mortgage.	Stable payments. Potential for lower rates. One of the best fixed rates on the market.	Combines the advantages of variable rates and fixed payments.	Take advantage of rate decreases. Generally reduces total interest over life of mortgage.
Term	6 months or 1 year Open	6 months or 1 to 5 years Closed	5 years Closed	5 years Closed	1 or 2 years Open
Periodic payment	Monthly, bi-weekly, weekly	Monthly, bi-weekly, weekly	Monthly, bi-weekly, weekly	Monthly, bi-weekly, weekly	Monthly, bi-weekly, weekly
Conversion to a fixed-rate loan	-	-	-	Anytime¹	Anytime¹
Guaranteed rate at time of loan Rate in effect on application date or upon signing mortgage at the lawyer.	Up to 120 days	Up to 120 days	Up to 120 days	Up to 120 days	-
Penalty	N/A	3 months	6 months	3 months	N/A
% financing % of the lower of the market value or property purchase price.	75% (or 95% with mortgage insurance) Fixed payment	75% (or 95% with mortgage insurance) Fixed payment	75% (or 95% with mortgage insurance) Fixed payment	75% (or 95% with mortgage insurance) Fixed payment	75% (or 95% with mortgage insurance) Variable payment
Prepayment option	In whole or in part, without penalty	Up to 15% of initial amount borrowed without penalty. Can be a lump sum or increments once a year or quarterly ($100 minimum).	Up to 15% of initial amount borrowed without penalty. Can be a lump sum or increments once a year or quarterly ($100 minimum).	Up to 15% of initial amount borrowed without penalty. Can be a lump sum or increments once a year or quarterly ($100 minimum).	In whole or in part, without penalty
Repayment privileges	Payments can be increased to twice the original amount annually, without penalty. Payments can be reduced back to original amount anytime.	Payments can be increased to twice the original amount annually, without penalty. Payments can be reduced back to original amount anytime.	Payments can be increased to twice the original amount annually, without penalty. Payments can be reduced back to original amount anytime.	Payments can be increased to twice the original amount annually, without penalty. Payments can be reduced back to original amount anytime.	Payments can be increased to twice the original amount annually, without penalty. Payments can be reduced back to original amount anytime.

1. Some conditions apply.