If you have a poor credit history, getting a loan and making your regular monthly payments can show future lenders that you’re able to meet your financial obligations. For many people, a bad credit mortgage is a way to buy a home and improve their credit score so that they can refinance in a few years. Because your credit isn’t perfect, you’re not likely to get a low-interest rate on this type of loan. You can certainly lower your interest rate later if you continue taking steps to improve your credit rating.