• Wells Fargo published results from a nationwide quiz of 2,012 prospective first-time homebuyers.
• The quiz found a wide gap between confidence and mortgage knowledge, raising risks of higher payments or delayed purchases.
• Nearly 70% of respondents said they felt knowledgeable, yet 75% answered four or fewer of 12 questions correctly.
• Only 25% knew when to apply for a mortgage.
• Nearly 90% did not understand closing costs.
• 88% were unclear on the first steps in the homebuying process.
• 80% would make a mistake when submitting a competitive offer, including sharing a pre-approval letter showing the maximum approved amount.

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 on June 01, 2026, and is solely responsible for the information contained therein.