Reply to 670 score, 16k, want to borrow 700k

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]You might get a mortgage but you’re not going to get a great rate. 16K isn’t a lot for a down payment. Do you have other savings already? I think that mortgage is way too high...I’d say tighten up your spending discipline before jumping into a mortgage...[/quote]

Can’t I refi for a better rate a year or so in?
At least 4500 would go toward actually equity and then interest would be tax deductible right? [/quote]

Very, very little of your mortgage payment goes to equity in the first few years.  You also are unlikely to be able to refi after the first year, because you are unlikely to qualify for a conventional loan now, nor will you in a year given how little you are planning to put down on a house.

You would be much better off moving to a cheaper place (less than half your current rent), and then spending the two next two years boosting your credit score while putting everything you’re no longer paying in rent into savings toward your down payment.[/quote]

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