QUESTION
My parents who live in PA want to buy a 2nd home in NJ for investment purposes. Will they have to get a mortgage in PA where they live or in NJ. ?
Asked on May 07th, 2012 on Business Law - New Jersey
More details to this question:
They plan on renting the property out 365 days per year.
1 ANSWER
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Any lender anywhere can (if it wishes and your parents meet its credit standards) make such a loan. The loan will need to be closed in accordance with New Jersey law and recorded in the New Jersey land records. Lenders in states bordering New Jersey, as well as national lenders, may be perfectly willing to make such a loan.
Answered on May 08th, 2012 at 10:38 AM