Making a larger down payment benefits financially by decreasing monthly payments and increasing equity.
Making a larger down payment benefits Jay and Laura's financial situation as they purchase a home by decreasing their monthly payment, increasing their equity in the home, and potentially avoiding the need for mortgage insurance.
When they put down more money upfront, it reduces the loan amount needed from the bank, resulting in lower monthly payments and less interest paid over the life of the loan. This financial strategy can lead to long-term savings for Jay and Laura.
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