Are You Ready to Buy a Home? Wells Fargo Finds Most Prospective First-Time Buyers Aren't and Don't Know It
New quiz reveals costly knowledge gaps for aspiring buyers
For many Americans, buying a home is the largest financial commitment they will ever make. But with the annual homebuying season kicking into full gear, a new Wells Fargo quiz reveals a troubling knowledge gap: most would-be buyers don't understand some basic facts about purchasing a home.
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Developed by Wells Fargo and conducted nationwide by Ipsos, the Ipsos survey tested more than 2,000 aspiring first-time homebuyers on fundamental mortgage topics including budgeting, interest rates, and the homebuying process. The findings reveal a stark disconnect: almost seven in 10 participants said they felt knowledgeable about buying a home—but out of the twelve questions asked on the quiz, 75% of respondents answered only four questions, or fewer, correctly.
In fact, of the 2,012 respondents who identified as prospective homeowners, only one person answered all the questions correctly. This knowledge gap could have real-life financial consequences as small misunderstandings can lead to higher monthly payments, delayed purchases, or missed opportunities.
"Homebuying isn't just a milestone—it's a long‑term financial commitment with implications that can last decades," said Serhat Oztop, head of Home Lending, Wells Fargo. "When buyers overestimate what they know, they're more likely to make decisions that cost them time, money, or both. This quiz highlights just how important clear, trusted guidance is before moving forward with this financial decision."
Key Knowledge Gaps With Real‑World Impact
The quiz revealed critical gaps in basic homebuying knowledge:
- Just 25% of respondents knew when to apply for a mortgage.
- Nearly 90% of respondents didn't understand what's involved in closing costs (the largest blind spot in the quiz).
- 88% of respondents were not clear on the first steps to take when beginning the homebuying process.
- 80% of respondents would make a critical mistake when submitting a competitive offer on a home, such as sharing a pre-approval letter for the maximum approval amount with a seller.
Where Buyers Are Getting Information and What That Means
When asked where they turn for homebuying guidance, most participants said they rely primarily on friends and family, real estate websites, online listings, and search engines, while only a third of respondents chose lenders or financial professionals.
Younger prospective buyers were especially likely to cite social media, influencers, and AI tools, while older participants leaned more on banks, lenders, and financial advisors. The findings raise questions about the quality, consistency, and completeness of the information many potential buyers are using to guide critical homebuying decisions.
A Wake‑Up Call, Not a Deterrent
Despite the knowledge gaps, the quiz experience itself appeared to resonate. Nearly two‑thirds of participants said it left them feeling motivated, encouraged, or more aware of what they still need to learn.
For many, the results served as a reality check—underscoring both the complexity of the homebuying process and the value of accessible, easy‑to‑understand education before making one of life's biggest financial decisions.
"This quiz wasn't about passing or failing," added Oztop. "It was about helping people see where they might be vulnerable—and giving them the confidence that comes from being truly prepared."
About the 2026 Wells Fargo Home Lending Quiz
The Wells Fargo Home Lending Quiz was conducted online by Ipsos from March 5–13, 2026, among 2,012 U.S. adults ages 18–65 who have never owned a home, are considering buying within the next five years, and report some level of financial readiness. Final data was not weighted.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a leading financial services company that has approximately $2.2 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 33 on Fortune's 2025 rankings of America's largest corporations. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com
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Alfredo Padilla, 213-369-6122
Alfredo.padilla@wellsfargo.com