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You are here: Home > Personal > Goals and life events > Owning your home > Managing your mortgage > Move before the end of your mortgage term

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Managing your mortgage

Learn how to pay down your Desjardins mortgage faster or in full, or in situations where you have to pay a mortgage prepayment penalty.

Move before the end of your mortgage term

You have a closed mortgage at the caisse and are planning to sell your home before your mortgage maturity date so you can buy a new one? To do this, you must prepay your mortgage and pay a prepayment charge when you close your current mortgage.

Your caisse can recommend a wide range of personalized financing solutions and flexible mortgage options, especially if you're planning on moving in the near future. You could, for example, opt to transfer the terms1 of your current mortgage to your new mortgage and get a full or partial refund of your prepayment charge.

Step 1:

Apply for a new mortgage at a caisse within 90 days after your current mortgage is closed.

Step 2:

Transfer your current mortgage terms to a new mortgage at the caisse to buy your new home.

You get a full refund of your prepayment charge.

You get a full refund of your prepayment charge. You can also opt for a hybrid mortgage to split your new mortgage into 2 parts:

  • One part made up of your current mortgage balance, under the same terms and conditions
  • A second part made up of your new mortgage (additional financing), under the terms and conditions negotiated with your caisse advisor

You can also get a weighted rate for your new mortgage, based on the rate you paid on your current mortgage and the rate in effect for the amount exceeding your current mortgage balance (additional financing). This way, you'll get a better overall rate.

You get a partial refund of your prepayment charge.

In that case, your prepayment charge will not be refunded.

Use the Mortgage prepayment calculator to estimate your prepayment charge. Then, contact your advisor for the precise amount.

Even if you're moving to a new location, you can still continue to do business with your current caisse for your new mortgage. However, if you prefer doing business with a caisse closer to your new home, your current caisse advisor will work with the new caisse of your choice to ensure you get the same benefits.

Discuss this with an advisor at your caisse, who will help you take the next steps and make informed decisions.

  1. Interest rate, type of interest rate, mortgage maturity date and annual interest rate reassessment date (for yearly rate resetter mortgages)