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Article provided by: Caisse populaire Desjardins de Gatineau

At Desjardins, we offer fixed and variable rate mortgage loans based on your borrowing profile and financial standing. We are the #1 lenders of Mortgage Loan in Quebec, and we offer a variety of loans such as hybrid mortgages, preauthorized mortgage, multi-project options, etc.

What is a hybrid mortgage?

A hybrid mortgage refers to your mortgage registration, including a fixed-rate portion, a variable rate portion, a line of credit portion, or a combination of any of these. Each lender offers a hybrid mortgage under a unique name and allows anywhere from 2 - 100 different products in the registration of the mortgage.

A hybrid mortgage is for savvy borrowers and those who wish to make it part of their overall financial plan. The most significant advantage of a hybrid mortgage is that it can give you a fixed introductory interest rate, which will last for a reasonable amount of time.

Basic requirements to apply for a Mortgage Loan in Quebec

As a mortgage loan applicant, you need to meet certain criteria for the lenders to approve your application. You need to have a good credit score, which means above 640. Secondly, you need to show proof of earning a sufficient income to cover the mortgage payments every month after meeting all other bills and expenditures.

Lenders will determine whether to accept or reject your application based on your debt-to-income ratio. The lower your percentage, the higher are your chances of getting approved.

How to improve your credit score for a mortgage loan

If you wish to apply for a mortgage anytime this year, you need to make sure that your finances are in order. This includes everything from your debts, income, and assets, and employment status to your credit scores. Here's what to do to get mortgage approval in Canada:

  • Your credit score often becomes the differentiating factor when it comes to getting approved for a mortgage. The minimum credit score that most banks demand is 640, although the higher your score, the better are your chances of getting an approval.
  • If you have a credit score that is below 640, you may still get approved for a mortgage, but you will end up paying more in interest. Make efforts to improve your credit score so that you can get a loan at a lower interest rate.
  • In rare cases, individuals may have a bad credit rating because of a banking error. You can request a free copy of your credit score via mail or by paying a small fee to major credit bureaus like Equifax and TransUnion. In case you spot an error, you can send a letter to the credit bureau asking for a correction. 

Besides, make sure to pay your bills on time to maintain good credit. Also, if you have bad credit, try to build your credit history by getting a new credit card with a small limit.

Visit for inquiries and consultations. You can also call 819-307-4110 to speak to one of us at Desjardins. We are one of the leading lenders of mortgage loans in Quebec.

Mortgage Loan Quebec
Caisse populaire Desjardins de Gatineau
655 Boulevard Saint-René Ouest
Gatineau QC J8T 8M4 CA

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