At Pamrapo, we understand that customers are going to have questions about the services we offer. In order to better serve you, we have posted the answers to the questions we hear most. If you do not find the answer to question below, please contact us, and we will be happy to serve you.

Q: Is Pamrapo Savings Bank FDIC Insured?

A: Yes

Q: Does Pamrapo handle large bills?

A: Pamrapo can only accommodate up to one hundred dollar denominations

Q: Does Pamrapo offer Debit Cards?

A: Yes. Debit Cards are available to checking account holders. Please contact your local branch for details.

Q: Does Pamrapo offer a Telephone Banking Service?

A: Yes, the phone number is (800) 886-8103.

Q: Is there a fee for a Savings account held by a minor?

A: There are no fees for an account held by an individual under the age of 18 yrs.

Q: Does Pamrapo offer Free Checking?

A: Yes. Provided a minimum $200 minimum daily balance is maintained, or a $500 minimum daily balance for interest bearing accounts.

Q: Does Pamrapo offer a Senior Citizen Checking Account?

A: Yes, we offer a fee-free checking account for Seniors over 62.

Q: Does Pamrapo offer a Student Checking Account?

A: Yes, for students under 18, the account must be accompanied by a Parents' Signature.

Q: Does the customer receive free checks?

A: Your first order of 200 checks is free.

Q: Can I receive a ATM or Debit card for my checking account?

A: Yes, Pamrapo checking account customers have the option of an ATM card or a debit card. To obtain an ATM or debit card, please contact your local branch.

Q: What is the interest rate on checking accounts?

A: Interest Rates are subject to change, please call (201) 339-4600 for current rates.

Q: How much of a down payment do I need when purchasing residential property?

A: The minimum downpayment is 10% of the purchase price. However, there are things to consider in determining just how much of your cash you want to use for your downpayment.
If you put more than the minimum downpayment you will be borrowing less money. That means that your monthly payments will be lower and you will have more equity in your home right from the beginning.
If you put the minimum down, you will not tie up all of your cash and will have it available for furnishings, decorating and other "first-year" type expenses. A downpayment of less than 20% will require the additional expense of Private Mortgage Insurance.
You need to determine which is best for you. Call one of our representatives to discuss the possibilities.

Q: What is Private Mortgage Insurance?

A: Private Mortgage Insurance, commonly call PMI, is required when you have a downpayment of less than 20%. It insures the lender from losses in the event of default by the borrower. The borrower is required to pay the premium as part of their regular monthly payment.

Q: Will I have to pay this premium for the term of the loan?

A: No. The homeowner's protection act of 1998 will allow you to request a cancellation of your coverage when the loan pays down to an 80% loan to value. The are other conditions that must be met in order to cancel the insurance. Please discuss this with one of our representatives.

Q: What do lenders look at when making their decisions?

A: Lenders look at 5 basic things:

1. Income: In addition to your salary, we look for verifiable income that has a 2-year history such as investment income, commissions, alimony, and social security.

2. Debt and its ration to your income: Generally, the ratio of your monthly debt, including the principal, interest, tax, and insurance payment on this new property, should not exceed 36% to 40% of your gross monthly income.
If you have a special situation, please call and discuss it with us.

3. Property appraisal: An appraisal is done of the property to establish its value.

4. Credit History: A lender wants to see that you have handled credit responsibility and that you have paid your obligations on time. If there is any derogatory information on your report, you will receive a copy and will be asked for a written explanation.

5. Assets: A lender wants to know that you have sufficient cash to complete the transaction. If any part of the downpayment is a gift or a loan, your lender will need to know that.

Q: Do you lend on properties anywhere in the USA?

A: No. Currently, we are lending only on properties in the state of New Jersey.

Q: Where can I get answers to questions not covered above?

A: You may email us at any time, or you may call between 9:00 AM and 4:00 PM to speak with someone in our mortgage origination department. Calls at other times will go to a voice mailbox to be answered the following day.