Thinking of Buying a Home? These 3 Lenders Make It Easy to Check Your Mortgage Rates

Some lenders are rather transparent about their current mortgage interest rates, but the typical rate table assumes that a borrower has a top-tier credit score and a standard applicant profile otherwise. The problem is that we're all individuals with our own credit histories, other debts, income, employment situations, and assets.

However, a select few lenders take their interest rate transparency a step further and allow borrowers to view a customized rate quote without a full mortgage application or a hard credit check that can hurt their credit score.

Three top mortgage lenders that give customized rate quotes without a full application

This isn't meant to be an exhaustive list, but just to name some of the biggest mortgage lenders that allow you to check personalized rates with just a soft credit pull that won't hurt your FICO® Score:

1. SoFi Mortgage

SoFi Mortgage offers an on-time closing guarantee and a few different standard mortgage types, and allows customers to check their rates quickly and easily on all loan products, including mortgages.

2. Better

Better is one of The Ascent's top-rated mortgage lenders and allows personalized rate quotes with a soft credit pull. It aims to make the closing process smooth and efficient and offers a wide variety of loan types.

3. Guaranteed Rate Mortgage

Guaranteed Rate Mortgage allows prospective borrowers to answer a few questions to get a rate quote, but there's the caveat that the borrower is asked to self-report their credit score (as opposed to an actual soft credit check). Even so, this will get you a more accurate rate than simply looking at a chart of what a lender offers the most qualified customers.

A special rule to keep in mind for other mortgage lenders

Now, while it's a nice feature to see your personalized rates before you apply for a mortgage, that doesn't necessarily mean you should exclude lenders that don't offer this.

It's important to mention that there's a special credit scoring rule that encourages you to shop around for the best mortgage rates. Specifically, under the FICO scoring formula, any hard credit pulls by mortgage lenders that take place within a reasonable shopping period will count as one credit inquiry for scoring purposes.

The exact definition of a reasonable shopping period depends on the version of the FICO formula being used, but two weeks is the most common. A single credit inquiry will likely have a minimal effect on your credit score, so other than the time it takes to fill out mortgage applications, there's not much of a downside to applying at several different lenders. (Note: This rule applies to auto loans as well.)

One of the most common mistakes home buyers make (especially first-timers) is accepting the first mortgage quote they get. But shopping around can save you thousands, and the companies that make it easier to check your interest rates are naturally a good place to start your search.