The 7 month window opens soon for a 2016 vacation which will need some points from 2017. Can I borrow those points when I make the reservation in a few weeks, or do I need to wait for Feb. when I get my allotment of points?
If you have a February use year, you could borrow 2017 for any stay 2/1/16 or after. 2016 and 2017 points are already in your account, use is based on date of stay.
As the others have said, yes you can. I have a Feb. use year and used banked points from this year (2015), my points for 2016 and some points I borrowed from 2017 for our 2 bedroom suite at the VGF for next June.
True, You cannot use February 2018 points for a DVC reservation, yet.
But I think there are some 24 month advance windows in DCL and RCI bookings, so you might be able to borrow those 2018 points for a 2017 DCL or RCI reservation.