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Now that the dust is beginning to settle form the collapse of the secondary lending market, the question becomes what are the 2008 lending rates going to be? The feds have lowered the prime rate, so most lending institutions should be passing the savings on to customers. So far, we having seen evidence of this happening, as most interest rates have mot yet seen any significant movement, but we're confident that it won't be long. Many mortgage rate calculators can provide most of the information you'll need to make an educated decision on how much you can afford to borrow.

Because of the fluctuation of the mortgage lending industry in the past year, it's more important than ever to consider all of your options before selecting a lending institution. Closing costs, types of loans, and interest rates are the most common considerations, however they should not be the only variables you consider. You can use the 2008 mortgage rate estimator to show monthly versus bi-weekly payment schedules, annual amortization, PMI and more. The more educated you are about your loan, the better decision you'll make.