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Updated over 9 years ago on . Most recent reply

Chaim Zigelman's profile image
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Chaim Zigelman
  • from Bayside, New York
  • Member since Aug 20, 2015
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Chaim Zigelman's profile image
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Chaim Zigelman
  • from Bayside, New York
  • Member since Aug 20, 2015
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Chaim Zigelman
  • Bayside, NY
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Private Lending & Conventional Mortgage Advice

Out of State Loans

Chaim Zigelman
  • Bayside, NY
Posted

Hi All,

I am looking to purchase rental property in AZ. I live in NY. Do I need to get a loan from a bank in AZ or can I get one in NY?

Another question is, should I get a loan from a Wells Faro/Chase type bank or a smaller one? 

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Mark Guy's profile image
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Mark Guy
  • Wholesaler
  • from Chesapeake, Virginia
  • Member since Aug 9, 2015
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Mark Guy
  • Wholesaler
  • from Chesapeake, Virginia
  • Member since Aug 9, 2015
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Mark Guy
  • Wholesaler
  • Chesapeake, VA
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Mark Guy
  • Wholesaler
  • Chesapeake, VA
Replied

simple answer is as follows:

Get your loan from the lender offering the best rate and terms 

Your lender does not have to be located in the state where the property is located, but does have to be licensed to lend in that state. 

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