Personal Home > Products and services > Loans, lines of credit and credit cards > Mortgages > Our mortgages > Variable rates and payments

Mortgages with variable rates and payments

	Type of mortgage
Features	Closed Closed mortgage: A closed mortgage lets you choose a term from 6 months to 10 years, which offers the security of a fixed rate for a longer term. The interest rate is lower than that of an open mortgage. You can make advanced payments.  Reduced Variable-Rate Variable rate: The variable rate fluctuates with the Caisse centrale Desjardins prime rate during your mortgage term. This allows you to benefit from possible rate decreases and, consequently, pay back your mortgage sooner. Your payments remain the same, even if the rates fluctuate; only the amortization period (number of years necessary to pay back your loan) varies based on rate fluctuations.  Mortgage	Open Open mortgage: An open mortgage is short-term and can be paid back at any time, in whole or in part, without penalties. Because the interest rate is generally higher than the rate of a closed mortgage for the same term, it's good if you're expecting to repay a significant portion of your mortgage soon.  Regular Variable-Rate Morgage
Interest rate	Follows the upward and downward fluctuations of the prime rate. See current rates	Follows the upward and downward fluctuations of the prime rate. See current rates
Financing	80%1 (95% if purchasing and 85% if refinancing with mortgage insurance)	80%1 (95% if purchasing and 85% if refinancing with mortgage insurance)
Term	5 years	1 and 2 years
Rate guaranteed at time of loan2?	No	No
Repayment possible without penalty?	Yes, up to 15% of original principal amount	Yes, at anytime, in whole or in part
Conversion to a fixed rate?	Yes, at anytime	Yes, at anytime
Eligible for member dividends?	Yes, when the caisse pays out members dividends.	Yes, when the caisse pays out members dividends.
Distinctive features	Interest rates are usually lower than fixed rates.	Interest rates are usually lower than fixed rates.

See the Desjardins mortgage comparison chart (PDF, 146 KB).

Simplify your negotiations and guarantee your interest rate

Before you even start looking for a property, determine how much you can borrow with a Preauthorized Mortgage.

	Online (Members)	Fill out the form
	At the caisse	Make an appointment with a caisse advisor: online by phone
	Through a mortgage representative	Make an appointment for a house call. Representatives can meet with you at your convenience, 7 days a week: Find a mortgage representative
	By phone	Montreal area: 514-CAISSES (514-224-7737) Elsewhere in Canada and the U.S.: 1-800-CAISSES (1-800-224-7737)

1. % of the smaller of the amounts of market value or property purchase. This percentage varies for second homes that are not accessible year-round.
2. Rate in effect on application date or upon signing mortgage with notary (with lawyer in Ontario).