My father used to tell me “lack of preparation on your part does not constitute an emergency on my part”. As a kid I didn’t quite understand, but now I completely understand and agree!
All too often I get requests for a pre-approval that need to be rushed, whether it is by a client or the Realtor. Lately it has been a Realtor sending me a client that is currently under contract and the lender they were working with has denied them or recently found out they were unable to provide the needed service and/or loan program. So, when I get a call and request to help, this means “sound the alarms”, I’m in the hot seat and I need to save someone.
I consider myself a very good lender, I enjoy what I do, I am always willing to look at all angles and put the puzzle pieces together. But what I’ve learned in most of these cases, there wouldn’t have been a need for another loan program or perhaps even a denial if all the needed information and documents been addressed in the beginning. With proper due diligence done at time of pre-approval then some emergencies could have been avoided. Don’t get me wrong, there can still be issues/complications that are unavoidable and would have come about regardless of how much preparation was done, but what I am mainly referring to are the main basic problems that could be avoided.
What I mean by this is that when you are looking to get loan approval and you are getting documents together for a lender, the most important and critical part is to make sure they are complete as well as making sure you get them quickly. It is not fair to put the pressure on your lender if you are getting everything to them last minute or days later after they have been requested of you. Time is of the essence. Whether you are looking to get pre-approval, or if you are under contract and in underwriting for approval, then you need to take anything that is requested of you with urgency! If you don’t, then don’t expect your lender to rush on your behalf. Remember “lack of preparation on your part does not constitute an emergency on my part”.
Last but not least, trust in your lender. Trust that they are looking out for you and your best interest. They will work as hard and as fast as you do for them. IF they don’t, then you may need to consider finding a new lender. But keep in mind that you need to be realistic. No lender can perform miracles and if you are asking for a miracle then give them space and time to do their magic.