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Buying a second home

Define your mortgage needs

There is more to choosing a good mortgage solution than interest rates. You have to make choices that match your goals, needs and situation.

A wide variety of mortgages is available to you but first and foremost, make sure you know your borrowing profile.

The possibilities are endless!

Open or closed mortgage

If you want a fixed rate, you'll have to choose a closed mortgage (most common) or an open mortgage.

  • An open mortgage can be paid off in full at any time without any fees but generally, the interest rate is higher.
  • A closed mortgage can be paid off at any time but with a fee. However, partial payments can be made without any fees (up to 15% of the initial mortgage amount each year).

The following table will help you to understand the difference between the two.

  Closed mortgage Open mortgage
Term (duration of the loan )

From 6 months to 10 years

The choice depends on your borrowing profile and your objectives.

6 months or 1 year
Interest rate

Usually lower than the open interest rate.

In the case of a fixed rate, the shorter the term, the lower the interest rate.

Usually higher than the closed rate, since you can repay the loan in whole or in part, at any time without having to pay a fee.
Anticipated reimbursement and fee

Maximum 15% of the initial amount each year without penalty.

You will have to pay a minimal fee if the 15% limit is surpassed.

Pay all or part back at any time without having to pay a fee.

Your situation and your plans

Type of loan chosen by the majority of borrowers.

In the case of a fixed rate loan, your payments are stable for the duration of the term.

In the case of reduced or protected variable rate, your payments should not change, unless there is a major increase in interest rates.

In the case of yearly rate resetter mortgage, your payments are adjusted annually in relation to interest rates.

Advantageous if:

  • you plan to repay your entire mortgage quickly


  • you plan to sell in the short term

Fixed or variable rate

Should you opt for a fixed or variable rate for your mortgage? There are many options available, and the differences between them are often understood.

Generally, your choice depends on your answers to the following 2 questions:

  • Do you plan to repay your loan in the short- medium- or long-term (amortization)?
  • Do you have low, medium, or high tolerance to potential interest rates increases?

To learn more about the features and advantages of fixed and variable rate mortgages, see the comparative table
Fixed rate or variable rate? (PDF, 112.5 KB).

To better understand the various mortgages available, see the Desjardins mortgage comparison chart (PDF, 121,7 KB).

You have to protect your second home in the event of fire, theft and other risks. Desjardins Home Insurance covers all your needs.

Desjardins home insurance

All-risk insurance protection covers most basic adverse events that could affect your home.

Main risks covered by home insurance

  • Fire
  • Theft
  • Vandalism
  • Damage due to wind
  • Certain types of water damage
  • A vehicle hitting your house

But because each insured person is different, Desjardins Home Insurance recommends a policy that is adapted to your situation and needs.

Learn more - Home insurance

Useful links

Mortgage loan
As of February 18, 2018 RSS news feeds
Term Rate*
Various loans and terms Starting from 3.24%*

* Certain conditions apply. Find out more

Other mortgage rates