Mortgage Glossary
Credit Score
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A credit score is a three-digit number, usually FICO, that summarizes your creditworthiness from 300 to 850.
What Credit Score means
It's built from payment history, amounts owed, length of credit, new credit, and credit mix. For mortgages, FHA starts at 580, conventional at 620, and the best rates generally require 740 or higher.
Florida example
A Florida buyer who raises a 615 score to 640 can move from a higher-cost tier into better pricing, often saving 0.25–0.5% on the rate. Paying down card balances below 30% utilization is the fastest lever.
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