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June Is National Home Ownership Month:

Today there are many choices that allow buyers to find a mortgage that best fits their pocket book and housing needs. To find the right product, the American Bankers Association recommends that buyers:

Figure out if you can afford to buy. It may seem like everyone is buying a home so you should too, but first decide if you can afford to buy. Your bank or other online resources can provide a calculator to determine if you can afford to borrow and if so, how much.
Do your homework. When considering adjustable rate or interest-only loans, it is important to look at both current and future income. The monthly payment on these loans will rise, so consider this also when looking at your income.
Consider all the costs. A lender will review costs like fees, closing costs, points, homeowner insurance, etc. But consumers should also consider repairs and maintenance costs. As a homeowner, you are responsible for those additional costs - there won't be a landlord to call.
Organize your finances before you go to the bank. While each bank may require different documentation, the following items are often needed:

Pay stubs,
Tax returns,
Financial statements (one that is less than 60 days old),
Copies of additional monthly payments such as car loans, credit cards,student loans, etc., and
Any additional information - like proof of additional income - that you think will help your banker to positively evaluate your credit request.

Pay off or pay down other loans. Credit cards, auto loans or other small loans should be paid off or paid down before you look for a mortgage. This will help increase your credit score and qualify you for a larger mortgage or lower interest rates.
Plan for the future. A home is a long-term investment, so if you plan on being in an area only a short time, renting may be a better option. Typically, if you plan on staying in an area less than five years, buying a home may not be worth the cost of the investment. Instead, focus on paying down debt and building savings.

Visit: www.volstatebank.com to find financial calculators and the mortgage loan that meets your needs. Equal Housing Lender

35th Anniversay Logo .

VSB Participates in the Strawberry Festival Parade

The Strawberry Festival Parade in Portland, TN rolled down highway 109 on Saturday May 19, 2012. Thousands of people lined the streets as over 50 floats, marching bands and various vehicles came into view. The folks at Volunteer State Bank rode in style on their very own bank trolley. This was the third appearance for the trolley in a Portland parade. The trolley was built by bank employees for the 2011 Strawberry Festival Parade. It turned out so successful that it was decided to make the trolley a permanent fixture of the bank. The trolley appeared in 10 parades last year along with several static displays. If you are a sponsor of a parade in Sumner or Robertson Counties and would like to feature the bank trolley, contact Terry Durham, Marketing Director at 615-323-1285 or email at: tdurham@volstatebank.com.

Volunteer State Bank Offers Tips During Low Interest Rate Periods:

With interest rates at record lows, consumers face a number of choices for managing their money. Whether they want to save, spend, or invest, consumers are encouraged to consider their options and choose the strategies that best suit their particular financial circumstances. Volunteer State Bank offers the following tips on how to take advantage of low interest rates.

*Consolidate debt. With interest rates at historic lows, it makes sense to consolidate debt into one low interest loan. For example, if you have outstanding balances on several credit cards, consider transferring those balances to one credit card with the lowest interest rate. If you qualify, it may be a good time to apply for a home equity line of credit to consolidate debt or make a home improvement.

*Shop around for credit cards with the best interest rates. You may be able to get one with better terms than the one you are currently using. Or, ask your credit card issuer to lower your interest rate to make it more competitive.

*Make large purchases now. If you've been thinking of making a major purchase like a house or a car, today's low interest rates make it a good time to finance big ticket items. However, make sure you have a good credit record and can pay off the loan before applying.

*Know your credit score. Before you apply for any loan or credit card, check your credit report and learn your credit score. Make sure your score is high to qualify for the very best rates. If your score is low, pay down your balances, remove errors from your credit report, and pay bills on time to raise your score.

*Keep saving. Make regular savings account deposits a priority and keep saving for your future. Your savings will accrue, you'll be less likely to spend it, and you know it will be safe. If you can afford to lock up your money for a while, longer-term Certificates of Deposit generally pay the highest interest rates.

Low interest rate periods offer a variety of opportunities and challenges for customers deciding how to manage their money. Customers should never take on more debt than they can afford to repay, but this could be a good time to consolidate debt to make payments easier, or make a home improvement you've been thinking about for a long time.

Visit any of our nine Volunteer State Bank branches where we can assist you with your credit needs and savings goals. Member FDIC. Equal Housing Lender.

Memorial To Fallen Soldiers

If you passed by the Volunteer State Bank Portland Branch last week you would have seen rows of American flags and white crosses decorating the intersection of Highway 109 and Highway 52. This is a memorial sponsored and set up by the Portland High School Class of 1965 to honor military personnel from Portland, Tennessee who have fallen in combat. This colorful display is set up every year in conjunction with the Memorial Day holiday. Volunteer State Bank would like to express our deep appreciation to the Class of 1965 for going the extra mile in saluting our military heroes. We should all take a lesson from their hard work and dedication.

Congratulations to Kenneth Cope for being our June winner of the $50 gas card. Sign up for our newsletter (www.volstatebank.com) and you may see your name on this page next month.

Sincerely,

Terry Durham

Marketing Director

Volunteer State Bank615-323-1285 Member FDIC