Wells Fargo survey shows 75% of first-time homebuyers miss most mortgage basics

Wells Fargo

Wells Fargo

WFC

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  • 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.

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