I always thought that way, too. But actually, it would be better to do a rough draft, let it sit for a couple days, then revisit it to make improvements. I use to procrastinate. Just look at something you already submitted and had graded. Can't you think of a way to make it better?
No it's not okay to wait just a few days before the deadline. Make sure you go fairly in to detail about what your teacher want. In college it will be harder and your professor can easily see thru your "bs".