Nerd Alert: If you’re interested in details, like I am, then you may be wondering what is the difference between Real Estate Agent, Realtor, and Broker. While commonly interchanged in conversation, they each serve different legal roles in the Real Estate field. Here’s a brief breakdown between the three…

Real Estate Agent

Real Estate Agents refer to the people who have been awarded a Real Estate license by the State. Rules vary by state, but in Hawaii, you’re required to take a State-administered exam, pay a licensing fee, and continue your education each year.

Realtor®

Going a step further, most Real Estate Agents join the National Association of Realtors and become “Realtors.” Members must adhere to a “Code of Ethics,” governing their practice and upholding industry standards.

Real Estate Broker

Brokers are Real Estate Agents that have taken their education further and passed additional State licensing exams. This allows them the legal ability to hire other Agents to work for them or work alone.

The Realtor® Difference

Applying for a mortgage can be a task and a lot of people ask realtor’s for help. For today’s Question & Answer, I will explain the difference between a direct lender (like a bank or credit union) and a mortgage broker (like Lokahi HomeLoans).

Ultimately, the decision to go with either a lender and a broker is up to you. At its basic level, both will help you get an idea of what you can afford, gather your personal financial information to see what type of loan you can qualify for, provide service and help you understand any legal disclosures during the transaction, and eventually get you a mortgage for your transaction. The differences between the two focus on the process each uses to get you that loan. [Read more…] about What’s The Difference Between a Mortgage Broker and a Mortgage Lender?