Based on the CA-RPA (California Residential Purchase Agreement), which all buyers use when submitting an offer, the buyer has rights to review aspects of the home, as well as financing, appraisal of the home, and other items that are significant to the home purchase.
As a trusted Realtor, our duty to our principals is to ensure that they are educated in the residential purchase process. A good real estate agent will take you through each item so that you understand the consequences of each clause in the contract so that there are no surprises as you move forward.
In your case, a builder cannot force you to use a certain lender, unless that was mutually agreed upon in your contract. Buyers retain the right to the return of the earnest money deposit should they wish to exercise cancellation of the agreement.
If you have any questions on this or any other real estate related matters, I specialize in homebuyers in Irvine, so I am always happy to help!
Joshua Sun Hong
First Team Real Estate