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UMortgage Earns #88 Ranking on 2024 Inc. 5000 List

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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

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Housing Market Update | Week of May 19th

We have some big news impacting the housing market for the second Monday in a row after Moody’s Ratings lowered the United States’ credit rating from Aaa—the top credit rating—down a notch to Aa1 late Friday afternoon. The markets have been digesting this news this morning and we’ve seen the 10-year increase and stocks drop. How the markets continue to digest this news will be one of the biggest storylines for the week ahead. Other than potential early week volatility, we have our weekly initial jobless claims report on Thursday before the markets close early on Friday for Memorial Day weekend. Last Week's Mortgage Rate Recap Rates Were Steady The 10-year yield was pretty volatile last week, however, mortgage rates stayed within a stable range due to improved mortgage spreads. If not for those improved spreads, we likely would have seen mortgage rates increase last week. Fears that inflation would ramp up were delayed at least a month when both the CPI and PPI reports came in lower than expectations. This Week's Mortgage Rate Forecast Rates Could Be Volatile What was set to be a quieter week looks like it could be a little bumpier now after Moody’s downgraded the U.S. credit rating from its top rating of Aaa down a notch to Aa1. In a statement, Moody’s said, “We expect federal deficits to widen… driven mainly by increased interest payments on debt, rising entitlement spending, and relatively low revenue generation.” This comes in the wake of a package of tax cuts proposed by House Republicans that failed to pass through the Budget Committee last week. According to Moody’s, if this budget were to pass, these tax cuts would add $4 trillion to the federal deficit over the next decade, not accounting for interest payments. So, how the market reacts will largely drive mortgage rate movements over the next two weeks. In times of mortgage rate volatility, it’s important that we highlight the wealth-building benefits of homeownership to our clients and focus more on the monthly payment that they can afford rather than a specific listing price or rate. Feel free to use UMortgage's Monthly Payment Calculator to see how different mortgage rates, down payments, and home prices impact a monthly mortgage payment. As the week progresses, make sure to stay in touch with your UMortgage Loan Originator for updates after certain reports are released or headlines are published.

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How to Seamlessly Sell Your Current Home and Buy Your Next One

As a homeowner, you've already taken one of the biggest and smartest steps toward building long-term wealth. But what happens when your current home no longer fits your needs? It’s more common than you’d think. In 2024, 76% of homebuyers were already homeowners. When you’ve put together the savings for a down payment and built equity by paying your mortgage every month, buying your next home becomes a lot easier. But even for experienced homeowners, the process of selling and buying at the same time can feel overwhelming. Whether you're upsizing, downsizing, or relocating, this guide will walk you through what actually happens when you sell your home to buy another one—plus the financing solutions that can help you use your existing equity without creating extra financial stress. What Happens to Your Current Mortgage When You Sell Your Home? If your mortgage is paid off by the time you list your home, you get to pocket the profit from the sale after closing costs, repairs, and any buyer contingencies are accounted for. If you still owe a balance on your mortgage, the proceeds from the sale will first go toward paying off your remaining loan. This happens during the closing process, and any remaining profit—also known as your equity—comes back to you. For example, if your home sells for $400,000 and your remaining mortgage balance is $250,000, you’ll walk away with the difference (minus closing costs and agent commissions). That’s nearly $150,000 in potential funds to use toward your next home purchase. If your home sells for less than what you owe (rare in today’s equity-rich market), you may need to bring money to the closing table or work with your lender on a solution. Your UMortgage Loan Originator can walk you through all scenarios so you’re never caught off guard. How to Use Your Current Equity to Move Up into Your Next Home Equity is your secret weapon when it comes to moving into your next home. It's why repeat buyers in 2024 put down a median of 23%—the highest in over two decades. When it’s time to make your next move, the equity in your current home can be used to: Make a down payment on your new home Cover closing costs (on both transactions) Reduce the size of your new mortgage This is especially helpful if you’re moving into a more expensive home. When you have access to funds upfront, you can avoid mortgage insurance, reduce your monthly payments, and potentially secure better loan terms. The key is timing. To unlock your equity, you usually need to sell your current home first or explore financing options that allow you to tap into that equity before the sale closes, which we'll cover next. Programs That Help Existing Homeowners Buy Their Next Home Selling and buying at the same time can feel like a juggling act. Luckily, UMortgage offers several solutions that can make it easier—especially if you want to buy before you sell. HELOC (Home Equity Line of Credit) A HELOC lets you borrow against your home’s equity while you still own it. Think of it like a credit card with a revolving line of credit. You can use the funds as a down payment on your new home, and then pay off the HELOC once your current home sells. This is a great option for homeowners with significant equity who plan to sell shortly after purchasing their new home. Bridge Loan A bridge loan is a short-term loan that “bridges” the gap between buying your new home and selling your current one. It typically uses your existing home as collateral and comes with terms between 6 months and 3 years. Bridge loans are typically used in one of two ways: To make a down payment on your new home: Great if you can’t afford two mortgages at once. To pay off your current mortgage and cover your next down payment: Best for homeowners with a relatively low mortgage balance. Because they come with higher interest rates than traditional mortgages, bridge loans work best for buyers with strong credit and a solid plan to sell quickly. If your home takes longer to sell than expected, you could end up managing two (or more) monthly payments. Home Sale Contingency A home sale contingency allows you to make an offer on a new home that’s dependent on your current home selling first. It protects you financially in case your existing home doesn’t sell in time. Just keep in mind that in a competitive market, sellers may favor buyers without contingencies. Your UMortgage Loan Originator can help you weigh the pros and cons. What to Consider Before You Sell Selling your home to buy a new one is one of the greatest wealth-building benefits of homeownership. But with so many moving parts, it’s important to plan ahead. Here’s where to start: Evaluate Your Equity & Finances Start by estimating how much equity you’ve built. Subtract your remaining mortgage balance from your home’s current value. Not sure what your home is worth today? Your UMortgage Loan Originator can provide a free home value assessment. Next, look at your full financial picture. Review your income, debts, and monthly expenses to determine what kind of mortgage you’ll qualify for on your next home. A mortgage pre-approval can give you clarity and a competitive edge. Set Your Timeline Try to align your sale and purchase timelines to minimize the gap between closings. This helps you avoid the hassle of temporary housing or paying two mortgages at once. A coordinated closing—where you sell and buy on the same day—is possible with the right planning and support team. Prep Your Home for Sale Making your home market-ready is one of the best ways to boost your sale price. Small upgrades like fresh paint, curb appeal improvements, and professional staging can make a big difference. Consider a pre-listing inspection to catch any potential deal-breaking issues early. While it might add to your upfront costs, it can save you time and stress once offers start rolling in. Moving Up Requires the Right Team Moving from one home to another is a big life event—but it’s also a major financial opportunity. The equity you’ve built can be a powerful stepping stone toward your next goal, whether it’s a bigger space, a better location, or a smarter investment. The key is having a plan and the right people in your corner. If you're ready to explore your options and discover what will help you maximize the wealth-building benefits of homeownership, get in touch with your UMortgage Loan Originator. They'll help you run the numbers, set a timeline, and create a plan that fits your needs so you can move up with confidence.

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The CFPB’s Role in the Homebuying Process

How the CFPB impacts homebuyers and how they can protect themselves from financial risks The Consumer Financial Protection Bureau (CFPB) plays a key role in protecting consumers from unfair, deceptive, or abusive financial practices, particularly in the mortgage and homebuying space. However, ongoing discussions about the CFPB’s structure and role have raised questions about what potential changes could mean for homebuyers, real estate agents, and mortgage professionals. Regardless of how the CFPB evolves over the coming months and years, understanding its impact on the mortgage industry and working with trusted professionals remains essential for ensuring a smooth and transparent home financing experience. What is the CFPB? The Consumer Financial Protection Bureau is an independent agency within the Federal Reserve System that enforces consumer protection regulations across the financial sector. Its jurisdiction includes banks, credit unions, debt collectors, mortgage servicers, and other financial institutions operating in the U.S. The CFPB was established in 2011 following the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which Congress enacted in response to the 2008 financial crisis. The agency's primary functions include: Writing and enforcing rules to prevent deceptive financial practices Examining financial institutions to ensure compliance with consumer protection laws Monitoring financial markets and trends Collecting and tracking consumer complaints By enforcing regulations, the CFPB helps create a more transparent mortgage process for homebuyers and homeowners alike. Which CFPB Regulations Impact Homeowners and Homebuyers? Following the subprime mortgage crisis, which contributed to the 2008 financial meltdown, the CFPB implemented several key regulations to improve transparency and fairness in the mortgage process. Some of the most impactful changes include: Increased Transparency on Loan Fees & Closing Costs The TILA-RESPA Integrated Disclosure (TRID) rule ensures borrowers receive clear, standardized disclosures about their loan terms and associated costs. The Loan Estimate and Closing Disclosure documents provide detailed breakdowns of fees, allowing homebuyers to make informed decisions before committing to a mortgage. Read this guide on how to interpret your Loan Estimate to better understand the costs that make up your mortgage. Protection Against Discriminatory Lending Practices The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating against borrowers based on race, gender, disability, or other non-financial factors. The CFPB enforces this law to prevent unfair lending practices such as redlining, where certain communities are denied equal access to credit. Take Legal Action Against Consumer Deception The CFPB takes legal action against lenders who engage in deceptive marketing, excessive fees, or unethical lending practices. Over the years, the agency has issued fines against multiple financial institutions for misleading advertising, unfair loan terms, and discriminatory lending. For example, in 2024, the CFPB ordered NewDay USA to pay a $2.25 million civil penalty for misleading cost comparisons that encouraged borrowers—particularly service members and veterans—to take out cash-out refinances, a practice known as loan "churning." Other enforcement actions have targeted mortgage servicers who failed to provide accurate payoff information and lenders who charged illegal junk fees. Ultimately, the CFPB's regulations aim to make the mortgage process less deceptive, more transparent, and more equitable for all eligible homebuyers. Why Homebuyers Shouldn’t Panic Over CFPB Changes Recent changes at the CFPB have fueled speculation within the mortgage industry, but for homebuyers, this is not a cause for alarm. Here’s why: The Mortgage Industry Has Matured The 2007-2008 financial crisis forced the industry to adopt stricter guidelines, licensing requirements, and consumer protections. While the CFPB has played a role in enforcing these regulations, today’s mortgage professionals operate in a fundamentally different landscape—one where transparency and ethical lending are already ingrained in industry standards. The CFPB’s Role Has Shifted Over Time While the CFPB was originally created to correct predatory lending practices, excessive red tape has made the mortgage process unnecessarily complex in some cases. Adjustments to the agency’s structure could help streamline regulations without compromising consumer protections. Why It’s Important to Work With Mortgage Professionals You Trust Regardless of what happens to the CFPB in the coming months or years, homebuyers should prioritize working with mortgage and real estate professionals who act in their best interest. The CFPB has helped enforce transparency, fairness, and ethical lending practices; this level of strict oversight and enforcement has advanced the mortgage industry and its loan originators. Even without the CFPB watching over their shoulders, these standards remain upheld. An experienced LO who values long-term client relationships will take the time to explain mortgage options, closing costs, and potential risks, just as the CFPB’s guidelines encourage. They will provide clear and honest disclosures about loan terms, ensuring that borrowers fully understand their financial commitments before signing. Ultimately, while government regulations provide a safety net, the best protection for homebuyers will always come from working with mortgage and real estate professionals who prioritize their clients’ long-term financial health. If you’re interested in starting your mortgage journey or simply want to learn more about your options, fill out this form or check out our directory to connect with a LO in your area.

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