Are You Ready to Buy a Home? Wells Fargo Finds Most Prospective First-Time Buyers Aren’t and Don’t Know It

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.