Disclaimer: Articles in this blog are just personal opinion of the author or authors. It may or may not be correct. Pls do your own due diligence and pls seek professional advice according to your own personal circumstances.
Today’s story is titled as “God helps those who helps themselves”.
Again the story is about Ramesh and Suresh, who have the same exact profile.
Both work in IT, wife works as well. Basically both have 1 wife and 2 kids and work in IT.
Ramesh is a bit unsure and goes around in circles and Suresh is a bit focussed and is a little more confident.
Both come to know via google uncle that the property market has gone down and it may be a good time to buy property.
Both contact the same mortgage broker named Ram Lal ato sort out the mortgage.
Suresh’s approach is he contacts the mortgage broker Ram lal and the broker sends him some documents to fill. After 1 wife and 2 kids goes to sleep, Suresh spends 1 hour in the night to fill the fact find documents that Ram lal sent him. He emails the documents along with scanned copies of some documents and makes sure he emails it on the same night.
Next day Ram lal calls him and Thanks for sending all the required info, calculates his borrowing power(750K) and lodges his documents with the bank for pre-approvals. After 5 days of waiting and sending some more additional documents, Suresh gets the pre-approval from the bank.
Suresh starts going to open homes and after 8 weeks of shopping around, finds a house within his budget and since he already has a preapproval in place and knows his borrowing power, negotiates it to 735K. Seller agrees and they sign the contract.
Same day, he sends all the documents to the broker and the broker lodges the application for final approval from the bank. In 5 days, the final approval comes and now Suresh and his lovely family consisting of 1 wife and 2 kids are eagerly looking forward to moving into their new home in 40 days.
Now let us talk about Ramesh. The mortgage broker, Ram lal sends him some documents to fill the fact finding. Ramesh becomes lazy and after his 1 wife and 2 kids go to sleep, he also goes to sleep and forgets to send back the filled information.
The mortgage broker sends him several reminders and Ramesh always forgets, being lazy and being busy.
He sends back some half-filled documents and after few days mortgage broker asks more documents since the bank needs those documents to calculate the borrowing power and issue pre-approval on the loan.
Ramesh curses the mortgage broker and tells him that the broker is not good and always harass him to send documents. Mortgage broker tells him that due to recent compliance changes, banks are stricter, and bank wants all the docs. After 6 months of to and fro, finally he sends all the docs and loan is pre-approved. Borrowing power comes to 750k. He starts seeing houses and starts going to open homes. But he is lazy and busy, it takes the family 1 more year to narrow down the house.
They finally sign the contract. Banks need documents to do the final loan approval. Ramesh never sends it back in the timely manner.
Cooling off finishes and the loan is still not approved. Ramesh has a big fight with the mortgage broker and says that the broker is inefficient and lazy.
The days are passing and the property settlement day is coming closer and Ramesh is blaming almost everyone else for his situation and mess and the chaos
continues in his life………..
So the moral of the story “Pls help yourself, do efficient time management, submit paperwork and docs on time so that professionals can help you in your journey.
Be like Suresh who finishes his journey in less than 3 months and dont be like Ramesh who after 18 months also is blaming everyone else for his situation.
Don’t pray to God to help you, pray to God to support you from the back end when you are actioning things on the forefront. Be an action taker like Suresh and pls submit documents on time”