Desjardins Mortgage review

Rates on offer

We read the Desjardins rates page on October 14, 2026. Rates change often, so confirm every figure with Desjardins before you apply. Desjardins publishes a standard rate for each closed fixed term from 6 months to 10 years, plus special rates on two terms: 4.69% on the 5-year fixed (standard 6.14%) and 4.59% on the 4-year fixed (standard 6.09%). The specials require meeting promotion criteria, and Desjardins says rates may differ if your amortization runs past 25 years.

Desjardins shows one rate per term, with no insured or uninsured split and no APRs. Its rates are recommended by the Desjardins Federation to all caisses, so your caisse, or Desjardins Ontario Credit Union, may quote something different. The page header also failed to show a date when we read it. Other standard rates:

• Closed fixed: 7.99% for 6 months, 5.49% for 1 year, 5.59% for 2 years, 6.04% for 3 years
• Longer closed fixed: 6.29% for 6 years, 6.39% for 7 years, 6.89% for 10 years
• Open fixed: 9.75% for 6 months and 9.50% for 1 year

Variable rates and prime

The Desjardins prime rate was 4.45% when we checked. The closed reduced variable has a standard rate of 4.45%, or prime plus 0.00%, and a special of 4.10%, which works out to prime minus 0.35% with the spread guaranteed for 5 years. These spreads are our calculation from the prime shown on the page; Desjardins doesn’t state them directly. Other variable options:

• Protected variable: 4.70%, about prime plus 0.25%, capped at 7.54%; payments are set at the maximum rate and the difference goes to principal
• Yearly Rate Resetter: 5.49% on a 5-year closed term, resetting once a year to the 1-year closed fixed rate minus a guaranteed spread
• Open variable: 5.70% on 1-year and 2-year terms, about prime plus 1.25%

Prepayment privileges

On a closed mortgage, Desjardins lets you prepay up to 15% of the original mortgage amount each year without charges and raise your payments to as much as double the original payment. Room you don’t use in a year doesn’t carry forward. Open terms allow unlimited prepayments, although Desjardins notes some offers may still carry charges. Accelerated weekly or biweekly payments are also available.

Penalties and portability

On the pages we read, Desjardins doesn’t say whether it uses 3 months’ interest or an interest rate differential to set prepayment charges. It says the charge depends on variables in your loan agreement and points you to a calculator. Portability isn’t confirmed on an official page either; a Desjardins renewal article only suggests checking whether your loan is portable. Get both answers in writing before you commit to a closed term.

Features and how to apply

Desjardins is a cooperative that works through local caisses. You can start with a pre-approval, which Desjardins says typically guarantees your rate for 3 to 6 months. Switching a mortgage of $100,000 or more from another lender, on a term of at least 48 months, comes with $1,200 cash back. Amortization is normally 25 years and can reach 30 years under certain conditions, even when the loan is insured by Sagen or CMHC. Variable and annually adjustable rates can be converted to fixed at any time without prepayment charges, under certain conditions.