Not here to argue as rules in Canada are a bit different. Mortgage Brokers get paid on behalf of the lender, nothing comes out of your pocket.

However, if you've got bad credit, a scattered work history, and minimal cash for a down-payment, you're looking at lenders that aren't common, hence a Broker MAYBE charging you a broker fee like you've mentioned.

"Rates are on the rise" has been the case for years. Did you read this from a friend on Facebook and just state that as a fact? What happens when you get locked into a term, but NEED to refinance because your roof is leaking. But, when you go to do that, you get charged a massive breakage penalty which completely offsets the tiny amount of money you're saving monthly with a rate that's lower by a few decimals?

I am just trying to educate here and not come off as bias. There are a lot of common misconceptions that the general public have. A good Mortgage Broker should educate you, and give you options to set you up for unforeseen situations, while providing you with the cash-flow to live your life.

The difference in a rate being lower at one institution than another, literally equals out to an average of $7-9 monthly. Curious to know your thoughts?