08/28/2014 09:02 am ET Updated Aug 28, 2014

The Millennial's Guide To Getting A Mortgage

denisLit via Getty Images

According to the Pew Research Center, millennials (those 32 years old and younger) have it bad, with "the unhappy distinction of being the first generation in modern history to have a lower standard of living than their parents’ generation." Ouch! But if you're lucky enough to have squirreled away a down payment (usually 20 to 25 percent in New York City, though high-end co-ops have been known to require as much as 50 percent down), plus have a stable, solid income to pay the monthly bills and a credit score of at least 680, it makes sense to consider getting into the housing market. (Also, congratulations!) But how do you actually get a mortgage?

Read more on Brick Underground