• Wells Fargo analysis flagged a preparedness gap among prospective first-time homebuyers, based on an Ipsos quiz of 2,012 respondents.
• About 70% said they felt knowledgeable, yet 75% answered four or fewer of 12 mortgage questions correctly; only one respondent got all correct.
• Knowledge gaps centered on mortgage timing, closing costs, early process steps, raising risks of higher monthly payments or delayed purchases.
• Information sources skewed to friends, family, real estate websites, listings, search engines; about one-third relied on lenders or financial professionals.
• Nearly two-thirds reported the quiz increased motivation or awareness, suggesting demand for clearer pre-purchase education.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Wells Fargo & Company published the original content used to generate this news brief via Business Wire (Ref. ID: 20260603271682) on June 03, 2026, and is solely responsible for the information contained therein.