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Which type of mortgage should you opt for? An open mortgage 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.  or a closed mortgage 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. ? At a fixed rate Fixed rate: The fixed rate remains stable until the end of the term. You to know what the credit charges and due date of your loan are right away. It can apply to both open and closed mortgages.  or 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. ? Among the following profiles, choose the one that best describes you.

 

Borrowing profile	Suggested mortgages
You're looking for rate and payment stability.	Stable rates and payments: Closed Fixed Rate Open Fixed Rate
You prefer stable payments, but you want to take advantage of low rates. You have some tolerance for rate fluctuations.	Variable rates and stable payments: Closed “5-in1” Yearly Rate Resetter Mortgage Closed Protected Variable-Rate Mortgage
You want to take advantage of low rates. You are moderately sensitive to interest rate and payment fluctuations.	Variable rates and payments: Closed Reduced-Rate Mortgage Open Regular Variable-Rate Mortgage
You’re looking for an extremely flexible, tailored financing tool. You want to be able to group all your loans in a single loan or to diversify your risk or loans based on your projects.	Versatile Line of Credit

	Online (Members)	Fill out the form
	At the caisse	Make an appointment with a caisse advisor: online by phone
		Documents to bring to your meeting.
	Through a mortgage representative	Make an appointment for a house call: Find a mortgage representative in your area Call 1-877-376-7181 (option 4)

1. Rate applies to year 1 of "5-in-1 Yearly Fixed-Rate Mortgage Loan". Subject to change without notice. Certain conditions apply.