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Andrew Cady

Branch Manager |NMLS 1236863

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Meet Andrew!

Andrew Cady, aka “Epic Mortgage Guy”, a Jacksonville, Florida native, has been intimately involved with the local community for 20+ years building his family business in the southeastern United States. In early 2015, Andrew found his passion in the mortgage business, quickly becoming one of the top 1% loan officers in the country. Andrew has now truly mastered his profession, as evidenced by more than 500 five-star reviews, which speak volumes about the quality of service, passion, and communication he has provided not only for his clients, but also for countless associated real estate agents, transaction coordinators, and title agents. Andrew also greatly enjoys quality time with his wife, Krystal, and their four beautiful children: Brandon, Elizabeth, Sophia, and Anna. Spending time at the beach is the most popular family pass time.

Serving Homebuyers In:

  • Florida
  • Georgia
  • Tennessee

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Your Mortgage Questions, Answered!

Housing Market Update | Week of May 20

Weekly Mortgage Rate Update - May 20th We saw rates drop slightly last week as more data trickled in signaling a softening labor market and slowing economy in the U.S. Throughout the week, we will hear from a few of the presidents of the Federal Reserve which could hint at the future of the Fed’s policy regarding potential rate cuts. Last Week's Mortgage Rate Recap Rates Dropped Slightly Last week, a handful of different pieces of data caused rates to drop slightly. The CPI report came in cooler than market estimates and showed inflation decrease year-over-year. Continuing Jobless Claims—which measures individuals who continue to receive unemployment benefits after their initial claims—rose to 1.794mil, the highest figure seen since November 2021. Continued weakness in the labor market will be the ticket to pressure the Fed to cut rates. This Week's Mortgage Rate Forecast Rates Could Move The biggest data points that we’re looking out for this week will be the rhetoric shared by the Fed presidents who are making media appearances throughout the week. With the recent economic data seen since the last Fed Meeting, any hints at their policy regarding rate cuts could see rates move preemptively. With activity in the housing market ramping up, our clients might need that extra push to help turn their dreams of homeownership into reality this summer. My new 0% down payment program presents our buyers with a golden opportunity to buy a home this summer without breaking the bank on their down payment. My team created this co-brandable flyer; let me know if you’d like me to input your information to share this opportunity with our prospective buyers!

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VA Loan Bootcamp: Understanding the Basics of Your VA Homebuying Benefits

If you served, are currently serving, or are a widower of a past service member, you have earned the right to a VA loan. Before we get started, a VA loan is a home loan benefit backed by the Department of Veteran Affairs (VA) to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. VA home loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms. In this blog, we'll delve into the fundamentals of VA loans, help you understand the eligibility criteria, and give you a look at the benefits that come with a VA loan. Whether you're a first-time homebuyer or looking to refinance your existing mortgage, partnering with experienced VA experts at UMortgage ensures a seamless journey toward homeownership. How Do VA Loans Work? While the VA backs VA loans, they do not provide them. Rather, eligible borrowers work with a VA-approved mortgage lender to get their VA loan. Below, we’ll give a high-level overview of the eligibility requirements and VA loan process. How to Know if You're Eligible for a VA Loan To qualify for a VA loan, veterans and active-duty service members must meet different service requirements to qualify. Military members or surviving spouses can qualify if they or their spouse served: • 90 consecutive days on active duty during wartime • 181 consecutive days on active duty during peacetime • 6 years in the National Guard or Reserves, or 90 days under Title 32 orders with at least 30 days served consecutively For full qualification guidelines, you can refer to the VA’s comprehensive eligibility requirements. How to Obtain Your Certificate of Eligibility (COE) A Certificate of Eligibility (also known as a COE) is required to qualify for a VA loan. Your COE is a formal document issued by the VA confirming that you’ve met the eligibility requirements noted above. You don’t need to obtain this document before starting your mortgage process; your UMortgage Loan Originator can obtain your COE on your behalf as you work with them to kickstart your homebuying journey. Understanding the VA Funding Fee The VA funding fee is a one-time fee paid to the VA when obtaining a VA loan. The VA funding fee helps offset the cost of the VA loan program to taxpayers in place of a down payment requirement. The amount of the funding fee varies based on your down payment amount, the type of transaction (purchase or refinance), your service branch, and whether it’s your first time using your VA loan benefits. If you're a Veteran or active-duty buyer receiving compensation for a service-connected disability or are deemed 10% or more disabled by the VA, you are exempt from paying the funding fee. Your VA Loan Benefits Explained A common misconception about VA loans is that they’re riskier and sometimes more expensive than a conventional loan. This couldn’t be further from the truth! In fact, VA loans work a lot like any other home loan but also include a plethora of benefits that help to make the homebuying process significantly easier and more affordable for Veterans and active-duty service members. Below, we’ll break down some of these key benefits: 0% Down Payment One of the biggest benefits of your VA loan benefit is the ability to purchase a home without a down payment. A down payment is often the most expensive part of the homebuying process, with conventional loans requiring at least 3% down and FHA loans requiring a minimum of 3.5%. This benefit alone can make a home purchase significantly more affordable for eligible borrowers. No VA Loan Limits The VA-backed home loan limit refers to the amount the VA guarantees, or the maximum amount paid to your lender if you default on your loan. The VA doesn't limit how much you can borrow to finance a home. This means that if you still have your COE intact, you can borrow the maximum amount that you qualify for at 100% financing. Additionally, the Federal Housing Finance Agency (FHFA) increased its county loan limits throughout the United States for borrowers with partial eligibility available. In layman's terms, this means that you are entitled to greater flexibility as a borrower throughout your journey of homeownership. To learn more specifics about how much you can qualify for, feel free to consult with your UMortgage Loan Originator. Flexible Underwriting Compared to conventional loans and other loan products, VA home loans come with incredibly flexible underwriting terms. With lower credit score requirements and no stipulations for debt-to-income ratios, qualification will be based on residual income requirements. In certain regions across the country, borrowers might qualify for tens of thousands more than they might with a conventional loan. Lower Interest Rates VA loans typically have more competitive interest rates than other loan types. Because these loans are backed by the VA, lenders have less risk associated when funding VA loans and therefore can offer lower rates than a conventional loan. No Private Mortgage Insurance Because they’re backed by the VA, VA loans don’t require mortgage insurance. In contrast, conventional loan or FHA borrowers who pay less than a 20% down payment have to pay for private mortgage insurance, which is an additional cost added to their monthly mortgage payment which can negatively impact purchase power. Capped Lender Fees & Closing Costs The VA limits lender fees to 1% of the total loan amount. Because of these capped lender fees, VA borrowers typically have lower closing costs compared to those with conventional or FHA loans. Repeat Use of VA Loan Benefits As long as you maintain your Certificate of Eligibility, your VA loan benefits are lifetime benefits that can be used more than once! Consult with your UMortgage Loan Originator to discover your buying power if you’ve already used your VA benefits to purchase a home in the past. The benefits of buying a home with a VA loan can help make the homebuying process significantly more affordable over time for eligible borrowers. For more insight into these benefits, reach out to your UMortgage VA expert! Why You Should Work With an Experienced VA Loan Originator VA loans historically prove to be the best loan product on the market with the benefits they offer borrowers. However, there are plenty of misconceptions surrounding VA loans throughout the mortgage industry which might lead many mortgage brokers and real estate agents to try and lead VA borrowers away from VA loans. UMortgage is a staunch advocate for military homeownership with leaders throughout the organization ensuring proper education on all things related to VA loans. When you work with UMortgage to purchase your home with a VA loan, you can trust that you’ll unlock a homebuying experience that puts your priorities first and possesses the knowledge necessary to utilize every benefit and get your loan closed with ease. If you’re ready to unlock your VA loan benefits, reach out to your UMortgage Loan Originator today!

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Seller Concessions: What They Are, How They Work, and How They Benefit Sellers & Buyers

Buying a home is an exciting journey but can also come with unexpected costs and hurdles. If you’re buying or selling a home, using seller concessions can often make buying a home more accessible for homebuyers or can sweeten the deal and speed up the selling process after you’ve listed your home. In this guide, we’ll break down what seller concessions are, how they work, and why they’re beneficial for both buyers and sellers. What Are Seller Concessions? Seller concessions are agreements between the buyer and seller during the homebuying process. These agreements typically involve an agreement for the seller to pay some of the buyer's closing costs, such as appraisal fees, title insurance, or even points on their mortgage. Essentially, it's the seller chipping in to help cover the expenses associated with closing on the home. By offering concessions, sellers can attract more potential buyers and make their property more appealing in a competitive market. For buyers, seller concessions can alleviate some of the financial burden associated with closing on a home to make their home purchase more affordable. If negotiated properly, seller concessions can hugely benefit all parties to help make the homebuying process faster, smoother, and more affordable. How Seller Concessions Work When a seller agrees to provide concessions, it's typically negotiated as part of the purchase agreement. The specifics of the concessions, including the amount and what expenses they cover, are outlined in the contract. Both parties need to agree on the terms upfront to avoid any misunderstandings later in the process. Once the agreement is in place, the concessions are typically applied as a credit towards the buyer's closing costs. Instead of the buyer having to pay these costs out of pocket, they can be rolled into the mortgage and paid incrementally over the loan’s term. It's important to note that there are limits to how much a seller can contribute towards closing costs, which can vary depending on the type of mortgage and the lender's guidelines. How Seller Concessions Benefit Both Buyers and Sellers Seller concessions offer numerous benefits for both buyers and sellers. For buyers, they provide much-needed financial relief during the homebuying process. By having some of their closing costs covered by the seller, buyers can preserve their savings for other expenses, such as moving costs or home improvements. On the seller's side, offering concessions can help expedite the sale of their property. In a competitive market where multiple offers are common, providing concessions can make a listing stand out and attract more potential buyers. Additionally, by helping buyers with their closing costs, sellers may be able to negotiate a higher sale price for their home. Seller concessions are a valuable tool in the homebuying process that benefit both buyers and sellers alike. By understanding what seller concessions are, how they work, and their mutual benefits, homebuyers can make informed decisions that help them achieve their homeownership goals while navigating the complexities that commonly come when closing on a new home. If you have any questions about seller concessions throughout your homebuying process, feel free to reach out to your UMortgage Loan Originator. They’ll be able to help you make an informed decision before negotiating your purchase agreement to make sure your mortgage works with your individual financial situation.

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