> For the complete documentation index, see [llms.txt](https://mortgagefi-docs.gitbook.io/mortgagefi-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://mortgagefi-docs.gitbook.io/mortgagefi-documentation/getting-started/tutorials-step-by-step/how-to-take-a-mortgage.md).

# How to take a Mortgage

[Connect your wallet](/mortgagefi-documentation/getting-started/tutorials-step-by-step/connect-your-wallet.md)\
\
Go to the [markets](https://markets.mortgagefi.app/) page

<mark style="color:orange;">(i)</mark> Review how much is available to Mortgage

<mark style="color:orange;">(ii)</mark> Check the current price of the asset

This is often different to the current market price due to MortgageFi’s internal pricing mechanism

<mark style="color:orange;">(iii)</mark>Click on the Mortgage button

<div align="left"><figure><img src="https://2134865703-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FUA0AclltObcfjI3p7TQA%2Fuploads%2FFSTZoonCOxSYtfygXRte%2FHowtoTakeAMortgage01%404x.png?alt=media&amp;token=4f17f511-1971-4213-8aad-9b3d4585f76e" alt="" width="375"><figcaption></figcaption></figure></div>

Once the mortgage page opens you’ll be presented with the
mortgage creation modal.

<mark style="color:orange;">(i)</mark> Enter the amount you would like to mortgage into the input box

Ensure you have enough funds
in your wallet to cover the deposit/down payment indicated directly below the input box (example shown WETH)

<mark style="color:orange;">(ii)</mark> Select the loan term in years ranging from 1-30 years

<mark style="color:orange;">(iii)</mark> Check you are comfortable with the monthly instalments

If regular payments are not made your loan with defaultand you will lose your deposit plus any

repayments you’ve made

<mark style="color:orange;">(iv)</mark> Double check the deposit/downpayment requirements

<mark style="color:orange;">(v)</mark> Check you are comfortable with the fixed interest rate you will pay ranging from 11-100% depending on the current [pool utilisation](/mortgagefi-documentation/getting-started/components/mortgage-vaults.md)

<mark style="color:orange;">(vi)</mark> Check the price you are mortgaging the asset for, set by MortgageFi’s internal pricing mechanism

<mark style="color:orange;">(vii)</mark> Check the total amount repayable if you take the loan over the full term if you do not use the early repayment option. Early repayment
&#x20;will lower the total interest you pay proportionately.

<mark style="color:orange;">(viii)</mark> To create the Mortgage click Create loan.

<div align="left"><figure><img src="https://2134865703-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FUA0AclltObcfjI3p7TQA%2Fuploads%2FIXXvqsSTryfuVojtkITl%2FHowtoTakeAMortgage02%404x.png?alt=media&amp;token=2d0658c5-cd9b-4818-aa5a-fca5ca004b78" alt="" width="375"><figcaption></figcaption></figure></div>

The transaction modal will appear in conjunction with your Web3 wallet will and include an approval followed by the
transfer of your deposit

<div align="left"><figure><img src="https://2134865703-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FUA0AclltObcfjI3p7TQA%2Fuploads%2FVfeDS9MEF3b4a9RYRjd6%2FHowtoOpenAnEarnPosition%2002%404x.png?alt=media&amp;token=929e69b6-0e5f-4b20-8956-ed21717a4e51" alt="" width="375"><figcaption></figcaption></figure></div>


---

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