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Jim Jones
Shore Drive/Coastal Sales
3181 Shore Drive
Virginia Beach, VA 23451

(800) 941-2222
(757) 481-1919
(757) 777-5972
(757) 496-3237
(757) 777-5972

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Mortgage Q & A - Mortgage

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The single most important aspect of your home purchase is the loan, or mortgage, you obtain. The amount of this loan will be decided by the price of the home and your down payment.

Generally, the amount of your down payment and income/debts control the price range of homes you can look for, and hence, the size of loan you will need.

A lender will analyze your income to determine your ability to repay the loan. A general rule of thumb to calculate how much loan payment you can handle is to figure 25-33 percent of your gross, pre-tax monthly income.

The interest rate and the principle amount of the mortgage will determine the amount of your monthly payments. The higher the interest rates, the higher the monthly payments. The length of most real estate loans is generally 15 or 30 years. Loans fall into two basic categories: (1)those that have fixed interest rates and payments; and (2) those with interest rates and payments that vary over time.

A Fixed Rate Mortgage provides a known monthly payment that will remain the same throughout the life of the loan. This means housing costs will never vary and will be easy on the budget. The interest rates on these loans are usually a little bit higher than adjustable loans since the lender is establishing a set interest for a number of years.

Adjustable Rate Mortgage (ARM) loans generally give the benefit of low initial interest rates and a corresponding lower monthly payment at the beginning of the loan term. The rates increase ( or may even decrease) as the loan provides for periodic changes in interest rates. An important point to look for is the presence or absence of interest--rate "caps." Life-of-the-loan caps place a ceiling on how high the rate can go over the term of the loan, often five to six percentage points above the original rate. They are a guarantee from the lender that you will not be required to pay more than the agreed-upon maximum interest rate. Annual caps protect you from extreme jumps in the interest rate in any given year and are usually in the one to two percent range.

Shop around for your loan. Don't be afraid to ask questions and to compare one loan to another. Since you will be living with it for many years, make sure to get the one best suited to fit your financial circumstances.

Featured Listings

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Currently there are no featured properties. Please contact Jim Jones for all your real estate needs.
Agent Bio

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Seniors Real Estate Specialist(SRES) / Accredited Buyer Representative(ABR)

Real Estate Cyberspace Specialist(RECS) / CAPT/USN/RET or

Service Above Self
If you have ANY real estate needs, (sales, purchases or rentals), I am at your service. This site is provided for your edification in various areas of interest and also gives you a way to request specific information to meet your personal real estate requirements.

I offer you the benefit of a broad experience base in real estate as well as personal lessons learned in my first life, having experienced many military moves.

Experience Base Pre Real Estate
In my first life I served on active duty in the U.S.Navy for 34 years. I was enlisted several years and was fortunate enough to leave as a Navy Captain.My family and I have lived on both coasts,in Hawaii and several foreign countries.Having experienced more than 20 permanent household moves, I do have a very keen appreciation for the excitement,fear and frustration associated with relocating.Because of my personal background I have a real desire to help others avoid my mistakes and bad experiences.I want to help you make sound, well informed decisions thereby significantly reducing you fears,keep you out of trouble and try to take you off the emotional roller coaster caused by relocation.

General Information
I have been a REALTOR with the same company,Long and Foster,since 1993.In accordance with my company's policy I regularly attend continuing education courses to stay abreast of changes in the industry.For company information visit

Primary Business Emphasis
The majority of my real estate experience has been in residential resale.The property value of my listings and/or sales have ranged between $45,000 and $413,000.I specialize in military relocation and meeting the special needs of Seniors.

New Construction
I have had the opportunity to be on the sales staff of five new homes sites, marketing homes built by four different builders.This was a wonderful learning experience, giving me an appreciation for the pros and cons associated with home construction and the workmanship quality of various builders.I offer you the benefit of this experience.

Investor Tax Deferred Property Exchange Program
I also offer expertise in the 1031 Exchange program.This is ideal for an investor who has significant equity in one or more investment properties and would like to sell them ,buy replacement properties and defer the capital gain tax owed on the original properties.Excellent hedge.CONTACT ME!!!!

I believe that it is important to educate a client as necessary ,to ensure they are adequately prepared to make wise and well informed real estate decisions.That is a major responsiblity of this REALTOR.

Agent Mentor
My company provides extensive professional training for new licensees.We find that there is still a need for practical applications tutoring. I have been a professional mentor of new realtors in our office for the last 15 years. This experience has helped me stay current
with industry changes and has improved my profeciency as I advise them and serve
client needs.

Special Services to SENIORS
I believe that SENIORS have unique Real Estate concerns.When one's home is much larger than needed and maintenance and upkeep is becoming a major problem, decisions are very difficult.SENIORS in this situation often have sizeable equity in their home and have been living their current life style for many years.CHANGE IS NOT EASY!As a trained and recognized SENIORS Real Estate Specialist (SRES),who really cares,I am able to knowledgeabl discuss the many options available and the pros and cons of each option.When you are ready I will help you make informed decisions.In areas of concern where I do not have expertise such as legal,financial management,tax and accounting ,I refer those issues to specialist with whom I am associated.SENIORS-I am at your service. I care about you.


Mortgage Rates

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Today's Rates


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Why use a REALTOR®

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Eight Important Reasons Why Buyers & Sellers Use a REALTOR®
  1. Qualifying the Buyer - REALTORS® qualify prospective buyers to determine in advance their financial ability to purchase. Pre-Qualification also helps a buyer understand what they can afford and what they can realistically look at buying. This saves both buyers and sellers a lot of time and aggravation and ensures that the process is as smooth as possible.

  2. Advertising - REALTORS® have access to several forms of advertising including newspapers, homes, magazines, relocation networks and the Multiple Listing Service--a cooperative sales system which contains all the properties for sale in your market area.

  3. Housing Trends - REALTORS® have current market information on comparable selling prices for specific types of homes, allowing sellers to establish realistic prices while obtaining fair market value for their property.

  4. Sale Negotiations - REALTORS® are trained professionals who can answer the many questions posed by potential buyers and should work to alleviate any doubts buyers have about the process.

  5. Financing - REALTORS® will continually gather information on the latest and best methods of obtaining mortgage money and be prepared to assist the buyer to assure a speedy sale.

  6. Continuing Education - REALTORS® are constantly upgrading their professional abilities by keeping informed about market trends, the latest industry innovations, new legislation and civil rights. Members of the National Association of REALTORS® have the right to earn professional designations by completing additional education.

  7. Personal Service - REALTORS® work cooperatively with the affiliate members of the MLS to provide information on title and conveyance documents, termite inspections, home warranty programs, etc. REALTORS® also make suggestions to sellers on how to make a home more saleable.

  8. Protection for Buyers & Sellers - REALTORS® subscribe to a strict Code of Ethics and accept the responsibility of promoting the interests of buyers and sellers by protecting them from fraud and misrepresentation.

Buying & Selling

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Through home ownership, the money you pay for shelter every month will be an investment in your future, not someone else's. Each mortgage check you write will build equity - the difference between what your home is worth now and what you paid for it. When you sell, you collect the equity as your profit. This profit can help put you into your next, larger home. Or you can tap the equity for college tuition loans or retirement funds at a rate which is generally lower than those available on personal loans. Also, paying on and ultimately paying off a mortgage is an excellent way to establish a good credit rating and prove financial stability.

Your home purchase is not only an investment in your future, it's a powerful tax benefit as well. You can deduct both the interest in home mortgage payments as well as property taxes.

Personal Freedom
Home ownership frees you from the whims and dictates of a landlord. There will be no unexpected rent hikes. You will be able to decorate as you like, have a dog or cat, and make improvements on your property. You gain privacy and the freedom of expression.

Pride of Ownership
Perhaps the most intangible, yet powerful advantage is the pride of ownership. A home gives you and your family a feeling of stability and commitment. A special sense of security and satisfaction comes as you begin to put roots down in a neighborhood. Your family will enjoy the benefits of this decision for many years.


Once you have made the initial decision to sell, you will immediately be faced with another tough question - is it best to hire a real estate sales associate or try to sell the house yourself?

To sell and market a house requires specialized skills, is time consuming, and costs money. Are you prepared to buy advertising space? Advertising is one way to let the buying public know your house is on the market. If not, can you afford the time it will take to sell your house with only a sign in the yard? Are you willing to stay close to home for days, weeks, maybe months to show your house? Do you possess the necessary legal and financial knowledge to answer the buyers' questions, negotiate a contract, or close a sale?

If you answered "No" to any of the above questions, perhaps hiring a real estate firm to help would be the most efficient way to sell your house. They can be indispensable to you in the following ways. A real estate professional will:

  • Access the Multiple Listing Service (MLS)
  • Assist with pricing based on Comparative Market Analysis
  • Provide a detailed marketing plan
  • Screen potential buyers for financial qualifications
  • Suggest ways to make your property more attractive to buyers
  • Show your home whether or not you are there
  • Answer potential buyers' questions
  • Present all offers
  • Assist with negotiating the best sale price
  • Facilitate the closing process

All first mortgage products are provided by Prosperity Home Mortgage. Prosperity Home Mortgage may not be available in your area. Licensed by the NJ Department of Banking and Insurance. 4440 Brookfield Corporate Dr., Chantilly, VA, (703) 222-1800. ©Prosperity Home Mortgage, LLC. All Rights Reserved. NMLSR ID #70353.

The data relating to real estate on this website comes in part from the Broker Reciprocity/IDX (Internet Data Exchange) Program of the New River Valley Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than Long & Foster Real Estate, Inc. are marked with the Broker Reciprocity logo (IDX) and detailed information about them includes the name of the listing broker.

IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

All information is deemed reliable but not guaranteed, and should be independently verified.

Listing data provided by Metropolitan Regional Information as of Friday, September 22, 2017.

Although the Multiple Listing Service of The Roanoke Valley is the single source for these listings, listing data appearing on this website does not necessarily reflect the entirety of all available listings withing the Multiple Listing Service. All lisiting data is refreshed daily, but its accuracy is subject to market changes.

All copyrights and intellectual property rights are the exclusive property of the Multiple Listing Service of The Roanoke Valley. Whether obtained from a search result or otherwise, visitors to this web site may only use this listing data for their personal, non-commercial benefit. The unauthorized retrieval or use of this listing data is prohibited.