The Built for Better Banking Newsletter - April 2023

Union State Bank News & Events

Finance Forum:

Home Buyer Tips

Buying a home can be an exciting but daunting experience, especially for first-time buyers who are unfamiliar with the process.

Rusty Zimmerman is one of USB’s loan experts. He has compiled a list of tips to help first-time home buyers make informed decisions and avoid common pitfalls.

“Purchasing a home is something most people only do a handful of times within their lifetime. How can you be expected to know all the do’s and don’ts on your own, when you have never, or rarely had the experience?” questioned Zimmerman.

April is Community Banking Month

The designation of Community Banking Month was established by the Independent Community Bankers of America (ICBA) in 2007 to raise awareness of the unique and valuable services provided by community banks.

Financial experts note that community banks offer personalized service, local decision-making, and a deep understanding of the local economy and its needs. The ICBA reports, community banks provide more than half of all small business loans in the United States and are responsible for creating jobs and driving economic growth in their communities.

USB Offers HomeReady Mortgage

For many low to moderate income households, owning a home is considered the “American Dream.” Unfortunately for many, the upfront costs associated with obtaining a home loan creates a significant obstacle on the path to home ownership.

Union State Bank offers a variety of low down payment programs, like Fannie Mae's HomeReady® mortgage loan, that can help make the process more manageable. HomeReady® is specifically designed to make homeownership more accessible to a broader range of people, including first-time homebuyers and those with low to moderate incomes.

Click here to learn more about a USB Home Equity Line of Credit.

Online Security Tip: Grandkid Scams

Here’s how they work:

You get a call: “Grandma, I need money for bail.” Or money for a medical bill. Or some other kind of trouble. The caller says it’s urgent and tells you to keep it a secret.

But is the caller who you think it is? Scammers are good at pretending to be someone they’re not. They can be convincing: sometimes using information from social networking sites, or hacking into your loved one’s email account, to make it seem more real. And they’ll pressure you to send money before you have time to think.

Here’s what you can do:

Stop. Check it out. Look up your grandkid’s phone number, ask the individual questions that only the actual family member would know, or call another family member.
Take your time: don't feel pressured to act quickly, take the time to gather information and think about the request.
Never send money to an unknown individual: never wire or transfer money to an unknown individual, especially if the request is urgent or seems suspicious.
Report any suspicious activity: if you suspect you or someone you know has been a victim of a grandkid scam or any other form of cybercrime, contact the authorities immediately.

Pass this information on to a friend. You may not have gotten one of these calls, but chances are you know someone who will get one — if they haven’t already

For additional information about online scams and cybercrime visit our website: https://www.myunionstate.bank/services/mobile-and-online-banking/online-security-tips