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Homebuyer 101: Financing Education

July 28, 2022
Young couple meeting with a financial advisor

Obtaining financing is a key step when you’re purchasing a home. There’s a lot of information you’ll need to provide – documentation of income, tax documents, proof of employment, and more. Brookfield Residential is with you every step of the way, including the mortgage process. Our preferred lender, BRP Home Mortgage, works directly with our homebuyers to offer a seamless financing experience and expert assistance from day one.

We believe that everyone deserves a simple and straightforward home financing experience. When you work alongside us, you can expect a diverse selection of home loans, competitive rates, knowledgeable professionals, and a streamlined digital mortgage process, from pre-qualification to closing.

Mother and son sitting a desk in a Brookfield Residential home in Whittier, CA

Benefits of Using BRP Home Mortgage

BRP Home Mortgage is committed to making your mortgage application as simple and seamless as possible. Working hand-in-hand with Brookfield Residential from start to finish removes you as the coordinator resulting in a smoother transaction from start to finish. This means you’ll have the keys to your new home before you know it!

We’ve got your best interests at heart.

Our lending team offers a variety of loan products to tailor your home financing to your individual needs.

Get pre-qualified quickly, securely, and at your convenience.

Using BRP Home Mortgage’s digital consumer portal, you can complete your application online, anytime and from anywhere.

You have questions – we have answers.

The home financing process will be demystified so you can focus on personalizing the home of your dreams.

Extended rate locks with float down options available to those who qualify.*

Prevent your interest rate from increasing while your home is being built.

BRP Home Mortgage’s relationship with Brookfield Residential benefits you.

Functioning like convenient ‘one-stop shopping,’ you’ll receive timely updates, accurate documents, and a more certain closing.

*Please contact your Loan Consultant for specific details.

Kitchen in Plan 2 at Luna at The Landing by Brookfield Residential in Tustin, CA

Key Financing Questions

What is an earnest money deposit?

Once you’ve reserved a home, you need to put money down to take it off the market to make it officially “yours.” Typically it will be a deposit of around 3% of the price of the home. Those funds will be held in escrow until it’s time to close, then they convert and become part of your total overall down payment.

Do you need perfect credit to get a loan?

You don’t need perfect credit to obtain financing. At BRP Home Mortgage, we offer a wide range of products for various FICO scores. If you feel your FICO score may not meet the criteria, we can always assist with other financial services designed to raise your credit.

How much do I have to put down?

Questions About Your Credit

Can I use a credit report from another mortgage company?

We have to pull our own credit report to issue the Pre-Approval. It is all auto generated and we are not able to pull in another mortgage company’s credit report into our system.

How many times will you need to pull my credit?

We will pull it when completing your Pre-Approval, at time of reservation (only if it has expired), and the last time would be about 45 days prior to closing (only if it has expired).

How long is the credit report good for?

Our credit reports are good for 120 days.

Does that mean you have to run my credit every 120 days if I am in a 9 month escrow?

No, we will allow it to expire and only run it again about 45 days prior to closing.

Will you run it without my permission?

No, we will always call or email you prior to running it. Even if you have given permission in the past.

Will running my credit drop my credit scores?

It can, depending on how many times you have run your credit in the last few months and if your credit score is under 680. If you’ve ran your credit several times in the last few months to obtain a mortgage, that shouldn’t affect the credit. If you have been shopping for a car and opened up a new credit card when also applying for a mortgage, yes that will drop your score.

Master bedroom with turquoise curtains in the Plan 1 at Bayberry at The Groves in Whittier, CA

Helpful Tools & Tips for Homebuyers

We want our homebuyers to feel empowered and knowledgeable when it comes to making the right home financing choice. We offer several tools, calculators, and homebuyer tips to help you feel informed and confident throughout your home financing process.


Play with the mortgage calculator to estimate your monthly payment, including your principal and interest estimated balances. Use the affordability calculator to help determine your budget and how much you can afford. The Rent Vs. Own calculator allows you to sort through the fees, taxes, and monthly payment to better understand and decide between these two options.

Mortgage Glossary

The language used in home financing can be full of acronyms and verbiage you may not have experience with if you haven't been through the process before. In the Mortgage Glossary, we've defined a few of the most common terms you'll see during and after submitting your loan application.

Homebuyer Tips

Whether you’re purchasing your first home or you’ve bought houses in the past, BRP Home Mortgage wants to make your experience as smooth as possible. Our collection of Homebuyer Tips provides important insights and advice on how to navigate the process.

Woman walking through a Brookfield Residential home in Southern California

At BRP Home Mortgage, we provide mortgage solutions that are personalized, convenient, and faster. We work directly with Brookfield Residential, your new home builder, to offer you a seamless design and finance experience to create the best place to call home. We can’t wait to work with you! Contact us today for answers to all your mortgage related questions.