Honestly, I’ve seen both sides of this play out. Locking in with a 580 score can get your foot in the door, sure, but you’re also looking at higher rates and PMI that’ll eat into your budget every month. Refinancing later is an option, but there’s no guarantee rates will be better—or that you’ll even qualify for a refi if life throws a curveball.
I get the urgency with prices climbing, though. My neighbor bought with a lower score a couple years back, thinking he’d just refinance once things improved. Turns out, his job situation changed and he couldn’t qualify for the better rate when he wanted to. He’s still paying way more than he planned.
It’s a gamble either way. Sometimes waiting makes sense, sometimes it doesn’t... but I’d say don’t underestimate how stressful those higher payments can be if things don’t go as planned. Getting in is one thing—staying afloat is another story entirely.
