What is a lender credit?

A lender credit means you accept a slightly higher interest rate and the lender pays money toward your closing costs, lowering what you pay at closing and finance.

Does getting quotes from multiple mortgage lenders hurt my credit?

Minimally. Multiple mortgage inquiries within a typical 14 to 45 day shopping window count as a single inquiry for credit scoring, so comparing several lenders is worth it.

Loan Shopping Tool

Compare Mortgage Offers Side by Side

Q: Why isn't the lowest mortgage rate always the best deal?

A lower rate is usually bought with higher up-front fees or points. If you sell or refinance before those fees pay for themselves in monthly savings, a higher-rate offer with a lender credit can cost less overall.

Got quotes from two or three lenders? The lowest rate is not always the cheapest deal once you count fees, lender credits, and mortgage insurance. Plug in each offer and see which one actually costs you less over the years you plan to keep the loan.

Compare My Offers

Your offers, true cost first

Enter what each lender quoted. We assume the same loan amount across offers, and rank them by true cost, the fees and interest you actually pay, over your holding period. Nothing is saved and it never leaves this page.

Loan amount

Term

Years you’ll keep it

Sell or refi horizon, the tie-breaker.

🔄 Refinancing? Add your current loan to see each offer’s break-even (optional)

Current monthly payment

Principal & interest only, from your statement.

Current rate % (optional)

Cheapest

Interest rate %

Lender fees & points

Lender credit

Monthly PMI / MI

Monthly P&I$0

Total monthly$0

Net upfront$0

True cost$0

Lowest true cost

Cheapest

Interest rate %

Lender fees & points

Lender credit

Monthly PMI / MI

Monthly P&I$0

Total monthly$0

Net upfront$0

True cost$0

Lowest true cost

Cheapest

Interest rate % (optional)

Lender fees & points

Lender credit

Monthly PMI / MI

Monthly P&I$0

Total monthly$0

Net upfront$0

True cost$0

Lowest true cost

Enter your offers to see which one wins.

Estimates for planning only. “True cost” = net upfront cost (fees minus lender credit) plus interest and mortgage insurance paid over the years you keep the loan; principal you pay down is your equity, so it is excluded. Assumes the same loan amount and term across offers, fees paid at closing (not financed), and PMI running until roughly 20% equity or your holding period, whichever comes first. Third-party costs (appraisal, title, taxes) are similar across lenders and left out. Your actual numbers come from each lender’s Loan Estimate. OnPoint Mortgage Pro · Victor Santos, Irvine mortgage broker.

Get an OnPoint Offer to Compare →

Why the lowest rate can still cost more

Lenders compete on the number they advertise, the rate, and make it back in the places you don’t look. Here’s what to line up across every Loan Estimate.

🏷

Rate vs. fees

A lower rate usually means more points paid up front. Ask what each rate costs in fees, then compare true cost, not stickers.

💰

Lender credits

A higher rate can come with a credit that pays your closing costs. Great if you’ll move or refi in a few years.

🛡

Mortgage insurance

PMI varies by lender and can quietly swing your payment. Always compare it side by side, not just the rate.

📅

How long you’ll keep it

The single biggest factor. Low-rate/high-fee offers only win if you stay long enough to earn back the fees.

Loan-shopping questions

Why isn’t the lowest rate always the best deal?

Because a lower rate is usually “bought” with higher up-front fees (points). If you sell or refinance before those fees pay for themselves in monthly savings, the higher-rate offer with a lender credit actually costs you less. This tool does that math over the years you plan to keep the loan.

What’s a lender credit?

It’s the opposite of points: you accept a slightly higher rate and the lender gives you money toward your closing costs. It lowers what you pay at the table (and what you finance), which is powerful if you won’t keep the loan long.

Where do I find these numbers on my quotes?

Every lender must give you a standardized Loan Estimate. Use Page 1 for the interest rate, Page 2 “Loan Costs” (sections A + B + C) for lender fees and points, the “Lender Credits” line for credits, and the monthly mortgage-insurance figure. Line those up across lenders here.

Does getting quotes from several lenders hurt my credit?

Barely, and it’s worth it. Multiple mortgage inquiries within a short shopping window (typically 14–45 days) count as a single inquiry for scoring. Shopping 3+ lenders is one of the highest-return things you can do, often thousands of dollars.

How does OnPoint compare?

As a broker, OnPoint shops 20+ wholesale lenders for you, so instead of comparing us against a few retail banks, you’re comparing the best of many. Drop our Loan Estimate into a column above and see for yourself.