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Applying for and getting approved for home loans with bad credit are doable but no easy especially in the present financial climate. Unfortunately, those who have bad credit must be willing to pay slightly higher interest rates. If you have excellent credit, it may be possible to get approved for a home loan at a very low rate. However, if you have a low credit score, you can expect much higher rates. By shopping around for the best rate you can save money especially using online lenders. Interest rates are divided into fixed and adjustable. You will want to make sure that the lenders are up front about how current their latest posted rates are. Note that fixed rates mean that your mortgage payments will not change, while adjustable rates will make your monthly payment vary. In addition to the interest rate, you will want to get a thorough explanation of the points and the APR associated with the lender to get a comprehensive idea of what a loan from them will entail.