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?