Out of State Loans

[Chaim Zigelman]

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? 

[Mark Guy]

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.