If you're not a Wall Street investor, perhaps a lot of the recent financial news is over your head.  If so, here's a look at what the financial crisis might mean for you, the average Joe (or Jane).

Jerry Gretzinger had a long conversation with Drew Aiello from Best Interest Mortgage and got all kinds of answers.  Here's what he asked and what he found out:

Q: Can I still get a loan from a bank?

A: Yes, but it is harder to get one. You need to show reliable income and a good credit rating.  And forget about 100 percent financing.  It's out there but nearly impossible to get.  Banks are giving out less money to fewer people.

Q: How about cars? Are those getting harder to finance?

A: Well, the same rules apply. You're going to need to convince the bank or finance company that you make enough money to cover your monthly payments.  It's always been that way but while you may have gotten a little leeway in the past that's pretty much out the window now.  Things have really tightened up.

Q: If you want to apply for a home equity line of credit, can you get one?  And if you already have one is it going to dry up?

A: You can still get one but don't expect to get as much as you might have received a few years ago.  Getting a line of credit equal to your total home value is not going to happen these days, but you can still get 90 percent. If you already have a line of credit, there's a chance it could be frozen.  Banks are re-evaluating the worth of homes and could change your credit line accordingly.

Q: What about a mortgage?

A: The good news is Fannie Mae and Freddie Mac are still operating and they account for about 50 percent of mortgages in the U.S..  Again, one hundred percent financing is nearly impossible to get and pretty much out of the question for investment properties. If you're looking to buy a rental unit you're going to need 15 to 20 percent down.

Q: Will this whole Wall Street and banking fiasco keep people from getting a credit card?

A: Credit cards are still widely available, however, the amount of credit people are getting is down. Even if you already have a credit card with a $10,000 or $15,000 limit the bank could look at it and say it's too high and drop it down.

Q: What about your mortgage? Can you still refinance or has that gotten a lot harder?

A: Simple answer? It's gotten a lot harder, at least to refinance everything you owe. Banks are tightening their grip on their cash. If your mortgage is under $312,500 you stand a much better chance getting an FHA loan so that is still an option.

Q: How about getting college loans for your students?

A: Some industry experts say lenders are stricter than ever with applications.  Your credit rating and overall debt have become even more important in the decision making process.  Loans are still available to students but at higher rates.  The suggestion is to look for more federal loans.

Q: What about foreclosures? Are we more in danger than before?

A: Although New York is seeing more foreclosures this year than last, it's nothing compared to the rest of the country.  As a matter of fact, if you took Florida, Nevada, and California out of the mix, the national foreclosure picture isn't nearly as scary.