What Is a FICO Score and How Is It Determined?
Successfully buying a home hinges on a bunch of numbers, from home prices to mortgage rates. And there’s a lesser-known figure that can make all the difference when realizing your homeownership dreams: your FICO score.
Whenever you want to make a big purchase, like a home, the lender will pull your FICO score, a three-digit number that represents your creditworthiness and is akin to a financial compass in the housing market. This number ranges from 300 to 850 and determines whether you’re approved for a loan, your interest rate, and your mortgage terms.
