In order for a loan to be processed efficiently, what is expected from borrowers?

Submitting necessary information in a timely manner is critical for loan processing efficiency. When borrowers provide the required documentation and information promptly, it allows the lender to assess the application quickly and move through the underwriting process. Timely submissions help prevent delays that could arise from missing documents or information, ensuring that the loan progresses smoothly. Clear and immediate communication of required documents also aids in maintaining an organized file, which is essential for timely decision-making and funding.

The other options involve practices that are either not standard or would unnecessarily complicate the loan process. Providing collateral before providing documentation isn't typical since collateral is usually assessed as part of the overall process rather than being a prerequisite. Refinancing existing loans before applying can be an additional step that does not directly relate to the efficiency of a new loan application. Similarly, negotiating terms before submitting an application can lead to misunderstandings and confusion, as official offers and terms are typically presented after preliminary applications are processed and assessed.