FAQ Mortgages

What's a mortgage security?

A mortgage security is your lender's guarantee when they loan you money to buy your home. This means that the lender may take possession of or sell your home if you do not repay your loan as set out in your contract.

What do CMHC and Sagen do?

The Canada Mortgage and Housing Corporation (CMHC) External link. is a national organization and Sagen External link. is a private insurer. Both offer mortgage insurance (among other things). CMHC and Sagen can help you get a mortgage if you have a down payment of 5% or more but less than 20%, or if your situation requires insurance despite a down payment of more than 20%.

What’s the maximum amortization period for a mortgage?

Our maximum amortization period is up to 30 years under certain conditions, even if the mortgage is insured by Sagen or the Canada Mortgage and Housing Corporation (CMHC).

What’s a bridge loan?

A bridge loan is a short-term loan you can get if you take possession of your new home before selling your old one. It serves to pay the down payment for the new home. Once you’ve sold your current property, you pay back the bridge loan according to the terms you agreed upon with your advisor.

What does a mortgage advisor do?

A mortgage advisor guides you through the homebuying and mortgage process. Their role is to offer solutions based on your needs, explain your options and answer your questions. They sometimes work with a mortgage representative.

How do I find a mortgage advisor?

Contact your caisse or branch and our team will set you up with a mortgage advisor. If you need to, use our locator to find your nearest caisse or branch.

If you prefer, you can also schedule a call with our mortgage financing team.

I want to immigrate to Canada. Can I apply for a mortgage?

Yes, you can. However, before proceeding, we recommend you contact a legal advisor. They can evaluate your specific situation and explain what's required for you to buy property in Canada.

How do I get a mortgage if I'm a freelancer?

You generally follow the same process as if you were a salaried employee. The main difference is at the qualification stage. You need to show that your employment is stable and provide your tax returns for the past 2 years. We can see if you're eligible for a mortgage through your average net income and other criteria, such as your down payment and credit score. We may require other documents in certain cases.

How does my credit report affect my mortgage application?

We check your credit report to see your current and past credit history and to make sure you're able to pay your bills and debts. A good credit report increases your chances of getting mortgage financing.

You can view some of the information contained in your TransUnion^TM and Equifax^TM credit report for free with the Credit report tool in AccèsD.

Can I apply for a mortgage online?

No. You must contact a mortgage advisor to apply for a new mortgage. However, if you're an eligible member, you can get pre-approved or renew your mortgage online.

Can I pay my down payment online?

Yes, you can pay your down payment online if your notary has given you that option and given you a unique reference number. To pay, log in to AccèsD on a browser or in the app and select Pay.

Who pays the notary fees when buying a home?

It depends on what's agreed upon in the offer to purchase. If there's no specific agreement, the buyer generally pays the closing costs. The seller pays the fees required to settle their mortgage and related charges, like those to verify that taxes have been paid.

How do I calculate how much interest I’ll pay on my mortgage?

To estimate what your mortgage rates might be, use our mortgage payment calculator.

1. Complete the required fields.

2. Select Calculate.

3. In the Results box, select Payments - Principal and interest to see how much interest you’d pay on each payment.

Where can I see the original amount of my mortgage?

You can see the original amount of your mortgage by logging in to AccèsD from a web browser.

1. Log in to AccèsD.
2. Under Cards, loans and credit, select Residential hypothecary loan.
3. Expand the Account information drawer.
4. See Loan amount.

Can I see my mortgage transactions online?

You can view your mortgage transactions in AccèsD.

On a web browser

1. Log in to AccèsD.
2. Under Cards, loans and credit, select Residential hypothecary loan.
3. See details under Latest transactions. The Description column shows you the total amount paid. The Interest ($) column shows you the interest paid. The Payment ($) column shows you the principal paid.

In the Desjardins mobile services app

1. Log in to AccèsD.
2. Under Quick access, select Accounts.
3. Select the account for your residential mortgage.
4. See details under Transactions.

How do I change my mortgage payment date?

Contact your mortgage advisor to change your payment date.

How do I discharge my mortgage?

Ask your notary to prepare a mortgage discharge. This document confirms that your property no longer serves as collateral for your debt.

You don't need to get a mortgage discharge as long as you're the owner of the property and your mortgage deed is in force. For example, if you have a line of credit linked to your mortgage, you might want to postpone getting a discharge so you can continue to access this financing source. It's up to you. Feel free to contact your mortgage advisor so you can make an informed decision.

Are there fees to discharge my mortgage?

Yes, there are fees to cancel your mortgage and prepare a discharge, including:

• Mortgage discharge fees, if charged by your financial institution
• Prepayment charges, if they're listed in the contract you signed with your financial institution and you're paying off your mortgage before the end of your term
• Notary fees
• Fees to remove mortgage registration from land register

You may have to pay other fees depending on your situation.

What happens if I miss a mortgage payment?

If you've missed a payment, contact your advisor and fix the situation right away. It's important to take action since you're now in default of your mortgage.

What happens if I can no longer afford my mortgage payments?

Contact your advisor right away if you're experiencing financial difficulties and don't think you can make your mortgage payments. Together, you can assess your situation and come up with potential solutions to avoid a default.

What happens to my mortgage in case of disability or death?

As with other loans, you must follow the repayment limits stated in your loan agreement. That's why it's important to be proactive and protect yourself. Loan insurance, for example, can help you make mortgage payments if you become disabled or cover your unpaid balance in the event of your death. Amounts paid out depend on the coverage percentage you chose when you took out your insurance.

What happens to my mortgage if I get separated or divorced?

You have a few options in case of separation or divorce.

• If neither person wants to keep the property, you can sell it and share the profits according to the separation or divorce agreement.
• If one person wants to keep the home, they can buy the other person out. If the person keeping the home is approved for financing, they must go through a notary to put the home in their name and become the sole owner.

In both cases, you may need to pay prepayment charges. Contact your mortgage advisor to discuss your specific situation.