EP # 254 Breaking Down Mortgage Myths with a SWFL Native

Navigating the path to homeownership doesn't have to feel like scaling a mountain without gear. Puja Romero of CrossCountry Mortgage's Wellmax Mortgage Team unveils the truth behind common mortgage misconceptions that keep many potential homeowners on the sidelines.

Think your credit score isn't high enough? Think again. Puja shatters the myth that you need pristine credit to qualify for a mortgage, explaining how her team works with clients whose scores are in the 500s. "We look at what is causing that lower credit score and we work with you to fix it," she shares. Similarly, the idea that you need a 20% down payment is outdated - with programs offering as little as 3% down for first-time buyers.

What makes Puja's approach unique is her deeply personal connection to her work. After surviving colon cancer last year, her perspective transformed. "When you go through something like that, it really makes you pay attention to what you have, where you're at, what's important," she reflects. This life-changing experience shapes how she approaches each client relationship - not as transactions, but as partnerships in achieving dreams.

As a Southwest Florida native raised on Sanibel Island, Puja brings local knowledge alongside professional expertise. Her practical advice on today's market challenges conventional wisdom: "Don't wait too long to buy that home, because once rates come down, prices go up." She reminds listeners that mortgages aren't permanent commitments - "we can always refinance that rate once they come down."

Ready to explore your options without pressure or judgment? Connect with someone who sees beyond numbers to the person behind them. Whether you're buying your first home or downsizing for retirement, Puja's approach offers clarity in a confusing market.

CrossCountry Mortgage / Wellmax Mortgage Team

Puja Romero

239-849-6886

9130 Galleria Court
Suite 101
Naples, FL 34109

[e-mail]

crosscountrymortgage.com/maxwell-mortgage-team

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Episode Transcript

Speaker 2 (00:00):
And we'll get rolling .
Okay, perfect, thank you All.
Right, here we go.

Speaker 3 (00:09):
It's time to check out your neighbors on the Good
Neighbor Podcast, where we bringgood vibes, great neighbors and
local businesses in SouthwestFlorida together.
Here's your host, cabo JimSchaller.

Speaker 2 (00:22):
Welcome Good Neighbors to episode number 254
of the Good Neighbor podcast.
Today we have Good NeighborPuja Romero from Cross Country
Mortgage and the WellmaxMortgage Team Welcome.

Speaker 1 (00:31):
Thank you.

Speaker 2 (00:33):
Yeah, always a pleasure to get to know people
and share their story with ourlisteners.
So without further ado, let'sjump right in.
And why don't you share alittle bit first about what you
do?

Speaker 1 (00:46):
Okay, sure, let's.
Let's jump right in.
And why don't you share alittle bit first about what you
do?
Okay, sure.
So I'm a residential loanofficer with cross-country
mortgage.
As part of the maxwell mortgageteam, we do all types of loan
financing.
We have a product for everyoneout there.
We always like to say there'sno one we can't help if you're
not ready to buy at this currentmoment.
We'll coach you, we'll guideyou, we'll get you ready for
homeownership.

Speaker 2 (01:06):
And that's the important part right.
When you're ready, you're ready.
Let's back up your story alittle bit.
How did you get involved inthis industry to start with?

Speaker 1 (01:17):
So I actually was in the banking industry for over 20
years.
I got involved in banking whenI was 25 because I had two
little children.
I never, ever, thought I wouldhave a career in banking, but I
was looking for something thatwould be good hours, you know,
weekends, holidays, off as I wasa young mom and just wanted to
have that time with my family.

(01:39):
So that's how I got started inthe industry and I worked in the
retail side of banking for avery long time and I got into
loans in the banking industryabout eight years ago and I've
been a loan officer for threeand a half years and I decided I
wanted more growth.
So that's why I came over tothe mortgage company.

Speaker 2 (01:58):
Interesting.
It's kind of funny.
My mother started the same way,but she didn't go into the
mortgage, she just did loans atthe bank.
So very interesting.

Speaker 1 (02:08):
Yeah, it's funny how life will just take you in a
different direction you don'teven expect.

Speaker 2 (02:14):
Exactly Right Right.
But you follow it, you findyour place and here you are
today.
We've all had some type ofchallenge along our journey
whether it's personally orprofessionally to get where we
are today.
Is there something thathappened along your journey that
maybe we can look back at nowand say you know what?
I'm in a better place nowbecause of it, and I made it
through it.

Speaker 1 (02:36):
I would say not really with like work, but I
actually fought colon cancerlast year and I survived that.
So I think that has reallychanged my perspective on things
you know with life in generalhealth, work, family, everything

(02:57):
all around.
When you go through somethinglike that, it really makes you
pay attention to what you have,where you're at, what's
important, what's worth it, andall around.
I think it makes you just abetter person.
You know, to see the other sideof that.

Speaker 2 (03:14):
Absolutely.
It opens up your perspective,but congratulations on surviving
and working through that, thankyou.
Are there any maybe myths ormisconceptions surrounding the
mortgage industry that we canmaybe clear up for listeners
today?

Speaker 1 (03:29):
Yeah.
So one of the most biggestconcessions is credit score.
Everyone thinks you have tohave a perfect credit score.
You know, in the mid to high700s, 800s, to buy a home.
That is not true.
We can help you.
You know, in the 500s,preferably the higher 500s is
where you need to be a home.
That is not true.
We can help you in the 500s,preferably the higher 500s is
where you need to be 580.

(03:49):
But if you are below that, welook at your credit reports, not
like, oh this is what yourcredit score?
Sorry, we can't help you.
We look at that credit report,we look at what is causing that
lower credit score and we workwith you to fix it, to make
those changes to get you towhere you want to be.
And then also the down payment.
A lot of people think you haveto have 20% down to put on a

(04:11):
home when you're purchasing.
You can have as little as 3%down 3.5% down for FHA, 5% for
conventional.
So 3% is for anyone who's neverowned a home before.
So three percent is for anyonewho's never owned a home before.
We can actually do a regularconventional mortgage at three
percent down if you've neverowned a home before.
If you have owned a home prior,then it's five percent, but FHA

(04:34):
is three and a half percentdown and you cannot.
A lot of people think you canonly have one FHA loan in your
lifetime.
That's not the case you canhave.
If you've already paid off anFHA loan, you can have another
FHA loan.
So and then, yeah, so that's it.
The credit and the down payment, I would say, are the biggest

(04:55):
factors that are misinterpreted.

Speaker 2 (04:59):
So a lot has changed in the industry as of late, but
do you notice anything trending?

Speaker 1 (05:07):
As for, like the market, yes, yeah.
Well, the market.
You know it's definitely atougher time out there, but I
feel like it's still.
We're still in a good market.
You know the rates arefluctuating daily, but how most
prices are starting to come downa little bit.
I know people are hopingthey'll come down a little bit
more.

(05:27):
But who knows?
We all wish we could predictthe future.
You know I'd be a millionaireby now if I could, you know.
But I would just say the rates,you know, hopefully will start
to come down a little bit.
That's what everyone's hopingfor, but we're still in a fair
market.

Speaker 2 (05:47):
And everything's always very volatile, so it's up
and it's down and it has itsswing.

Speaker 1 (05:52):
If you look at real estate over like the past 30
years, you know we had that hugecrash in like 2008, 2009.
It's always going to be up anddown.
It's never that steady road.
You know you always have yourgood times and your low times
and the past few years have beena little bit harder.
But you know we're hoping for abetter future in the next

(06:12):
couple of years.

Speaker 2 (06:14):
Absolutely, absolutely so are you from
Southwest Florida originally.

Speaker 1 (06:19):
I am.
I was actually born in FortLauderdale and then my parents
moved over to Sanibel Islandwhen I was two, so I had the
luxury of glowing up on theisland, and then we moved off
island, I would say, in 1999.
And I've been in Fort Myersever since.

Speaker 2 (06:37):
Wow, Lucky you See.
I was born in Wisconsin.
I had to work my way down here.
Lucky you.

Speaker 1 (06:43):
See, I was born in Wisconsin.
I had to work my way down here.
Yeah, I know, it's very rare,you know, when you get someone
who was born and raised here inSouthwest Florida or in Florida
in general, and I actually justmet a financial advisor last
week who is born in Florida aswell.

Speaker 2 (06:57):
Wow, very nice, very nice.
So I know your job can be verydemanding.
What do you do when you get amoment of free time?

Speaker 1 (07:05):
I spend time with my family.
I have a big family andeveryone's here my husband, my
two kids my kids are still hereand my parents, my in-laws, our
siblings.
My sister does travel, and thenwe have our group of friends
that have become like family.
So we just try to spend a lotof good time together.
Make those memories that last.

Speaker 2 (07:26):
And that's the important thing surrounding
yourself with the right people.

Speaker 1 (07:30):
Yes, absolutely.
People don't realize howimportant that is, but you know
the people you're around makes abig difference on your life.

Speaker 2 (07:39):
Especially nowadays, for sure.
So is there one thing you wishour listeners knew about what
you do, that maybe they wouldn'tbe too familiar with officer.

Speaker 1 (07:50):
You know we obviously want to do what's best for our
client.
But I take it more personal.
You know this is it's importantto me.
It's not just about atransaction.
You're not just anothertransaction to me, you're a
person.
You know everyone has a goal tobe a homeowner.
Whether you're buying your firsthome, you know something in

(08:10):
your habit and your life changedthat you need to go a different
route.
Get another home If you'redownsizing.
You know something in your lifechanged that you need to go a
different route.
Get another home If you'redownsizing.
You know, once people reachretirement they usually want to
downsize.
And it's about helping a clientget into the right home, the
right loan product for them.
I'm here with you every step ofthe way.

(08:31):
I think it's such a big goalfor everyone to own a home and
life and it really means a lotto me to guide you and be a part
of that dream.
And I keep in touch with myclients after the fact, you know
, after the loans closed, Istill follow up, check up on
them, see if they need anythingfrom me.
It's more personal.
It's not just a transaction.

Speaker 2 (08:53):
That is, you're providing that customer service
that's lacking so much nowadays,right.
It's nice to see somebody dothat.

Speaker 1 (09:00):
Yes, absolutely.

Speaker 2 (09:02):
So how would our listeners go about contacting
you if they had questions orwanted to learn more?

Speaker 1 (09:08):
Sure they could reach me on my cell.
That's the best way to getahold of me.
You can call me, text me, andmy number is 239-849-6886.
Or you can email me Maxwellmortgage loans.
com.

Speaker 2 (09:22):
Very good, any last words for our listeners today.

Speaker 1 (09:25):
No, I just wish everyone the best.
You know, don't wait too longto buy that home, because I know
a lot of people are waiting onthe rates to come down.
But once rates come down,prices go up, everyone's
shopping, the market gets alittle crazier.
So if you're ready, call me.
I'm happy to guide you everystep of the way.
And then remember, we canalways refinance that rate once

(09:47):
they come down.
You're not stuck with it.

Speaker 2 (09:50):
Very good, very good.
Pooja, it's been a pleasuregetting to know you.
Thank you for being such a goodneighbor and we'll see you on
the community soon.

Speaker 3 (09:58):
Thank you, thank you for listening to the Good
Neighbor Podcast, bringingtogether good vibes, great
neighbors, local businesses inSouthwest Florida.
To nominate your favorite localbusiness to be featured on the
show, go to CaboWaboJimcom.
That's CaboWaboJimcom, or call239-427-4100.

Speaker 2 (10:18):
Very good.