Credit crunch?

Much has been written about the global credit crunch, but my experience here in Madison is that people are able to get the loans they need when it comes to buying a house or car. I'm working with first-time and relocating buyers right now, and they've been able to obtain the financing they need without any problems. I know of another person who just refinanced his home, and another who just purchased a car with dealer financing. Again, no problems.

On the flip side, WHEDA has temporarily suspended rate locks, and I do know of individuals who have recently had their home equity lines of credit frozen by national lenders.

But all-in-all there are still plenty of mortgage options available for those with good credit. In fact in the month of September we witnessed a huge influx of first-time home buyers who took advantage of the $7,500 tax credit (more on September coming soon).

If you have any questions about your mortgage options, try calling a couple of local lenders and see what they have to say about your situation. You may be pleasantly surprised by what they have to offer.