Speed to Lead for Purchase vs. Refinance Leads: Why Your Strategy Should Be Different

You respond to every mortgage lead within 5 minutes. Great speed to lead, right? Wrong.

Your purchase loan applicant is frantic—they're under contract, closing in 30 days, and need a pre-approval letter yesterday. They pick up on the first ring, ready to move.

Your refinance lead? They submitted the form while browsing at 11 PM, comparing rates across six lenders. They don't answer when you call because they're at work. When you finally connect, they want to "think about it."

The problem: You're treating both leads the same. You're losing purchase deals to competitors who respond faster, and burning time chasing refinance leads who aren't ready.

Loan officers who dominate origination in 2026 understand this: purchase and refinance leads require fundamentally different speed to lead strategies. Same response time, different approach. Same AI conversation agent, different workflows.

This guide breaks down exactly how purchase loan lead response differs from refinance lead strategy—and how to optimize both for maximum conversion.

Why Purchase and Refinance Leads Have Different Urgency Profiles

Speed to lead isn't just about how fast you respond. It's about matching your response to the lead's urgency level.

Purchase Leads: Hot and Time-Sensitive

Typical timeline: 30-60 days from inquiry to close

Urgency drivers:
- Under contract with a closing date
- Need pre-approval to make competitive offers
- Risk losing the property if financing falls through
- Other lenders moving just as fast

Purchase leads are transactional. They need speed, clarity, and confidence. The faster you respond with a pre-approval letter, the more likely you win the deal.

Refinance Leads: Warm and Rate-Shopping

Typical timeline: 90+ days from inquiry to close (often never)

Urgency drivers:
- Rate dropped enough to make refinancing worthwhile
- Want to eliminate PMI or tap equity
- Comparing multiple lenders to find best rate
- No external deadline (they already have a mortgage)

Refinance leads are transactional but patient. They're optimizing, not rushing. Speed matters, but education and value proposition matter more.

The Speed to Lead Data: Purchase vs. Refinance

Studies show response time matters for both loan types—but differently.

Purchase Loans: Speed Is Everything

• Under 5 minutes: 80% contact rate, 35-40% conversion to pre-approval
• 5-10 minutes: 60% contact rate, 25% conversion
• 10-30 minutes: 40% contact rate, 15% conversion
• 30+ minutes: 20% contact rate, sub-10% conversion

Why: Purchase leads are comparing lenders in real-time. If you're second to respond, you're often out of the running before the conversation starts.

Refinance Loans: Speed Matters, But So Does Persistence

• Under 5 minutes: 40% contact rate, 15-20% conversion to application
• 5-10 minutes: 35% contact rate, 15% conversion
• 10-30 minutes: 30% contact rate, 12% conversion
• Follow-up over 7 days: 60% eventual contact rate, 25% conversion

Why: Refinance leads submitted the inquiry casually. They're less likely to be sitting by their phone. Multiple touchpoints (calls, texts, emails) over days yield better results than a single immediate call.

How Your Qualification Strategy Should Differ

Purchase and refinance leads need different qualification questions because they're solving different problems.

Purchase Loan Qualification: Urgency and Timeline

Critical questions for purchase leads:
1. "Do you have a property identified or under contract?"
2. "What's your target closing date?"
3. "Have you been pre-approved by another lender?"
4. "Are you working with a real estate agent?"
5. "What's your target purchase price?"

Why these matter: You're assessing deal urgency. Under contract + 30-day close = drop everything. Still shopping + no agent = longer nurture.

What to skip: Detailed rate comparisons. Purchase buyers care about pre-approval speed and confidence, not 0.125% rate differences.

Refinance Loan Qualification: Savings and Motivation

Critical questions for refinance leads:
1. "What's your current interest rate?"
2. "How long do you plan to stay in the home?"
3. "What's your main goal—lower payment, cash out, or eliminate PMI?"
4. "Have you been quoted by other lenders?"
5. "What would make refinancing worth it to you?"

Why these matter: You're calculating whether refinancing makes financial sense. If their current rate is 5.5% and you're quoting 6%, there's no deal. If they want to cash out $100K but have minimal equity, different conversation.

What to emphasize: Savings analysis. Refinance leads are analytical. Show them the math: monthly savings, break-even point, lifetime interest savings.

Response Time Expectations by Loan Type

Both loan types expect fast response—but "fast" means different things.

Purchase Leads: Sub-60-Second First Touch

What they expect:
- Immediate acknowledgment (text or email within 60 seconds)
- First human contact within 5-10 minutes
- Pre-approval letter within 24 hours

What competitors are doing: The best purchase lenders use AI conversation agents to engage within 60 seconds—before the lead fills out a second application.

What you should do:
- Automate first response with AI that qualifies while you're unavailable
- Prioritize purchase leads over refinance leads when both come in simultaneously
- Have pre-approval templates ready to move fast

Refinance Leads: Multi-Touch Over Days

What they expect:
- Response within 15-30 minutes (they're less urgent)
- Educational content (rate trends, refinance calculator, savings examples)
- Patience while they compare offers

What competitors are doing: Mass-market lenders (Rocket, Better.com) automate refinance workflows with instant rate quotes and online applications. You're competing against speed and convenience.

What you should do:
- Respond quickly but don't over-pursue
- Send automated savings analysis immediately
- Nurture over 7-14 days with rate updates and market insights
- Use AI to handle initial qualification so you call with full context

How Conduit Adjusts Workflows Based on Loan Type

AI conversation agents like Conduit don't just respond fast—they respond differently based on loan type.

Purchase Loan Workflow: Fast and Focused

When a purchase lead comes in, Conduit:
1. Engages within 60 seconds with: "Thanks for reaching out! I see you're looking to purchase—do you have a property identified or under contract?"
2. Prioritizes timeline questions: Closing date, property status, agent involvement
3. Escalates hot leads immediately: If under contract + <45-day close → instant notification to you
4. Pre-qualifies for pre-approval: Asks income, credit estimate, down payment
5. Routes to fast-track: Sends application link and schedules immediate call

Result: By the time you call (10-20 minutes later), you have full qualification, know it's urgent, and can offer a pre-approval letter same-day.

Refinance Loan Workflow: Educational and Patient

When a refinance lead comes in, Conduit:
1. Engages within 60 seconds with: "Thanks for reaching out! To show you how much you could save, what's your current interest rate?"
2. Focuses on savings analysis: Current rate, loan balance, monthly payment, refi goals
3. Calculates break-even: Uses current vs. new rate to show monthly savings and break-even timeline
4. Nurtures over time: Schedules follow-up texts with rate updates and market trends
5. Routes to education: Sends refinance calculator, savings examples, and comparison tools

Result: By the time you call, you have full financial picture, know their motivation, and can present a personalized savings analysis—not a generic sales pitch.

Purchase vs. Refinance: Different Follow-Up Strategies

Your follow-up cadence should match lead urgency.

Purchase Loan Follow-Up: Fast and Persistent

Timeline:
- First 24 hours: Call 2-3 times, text twice, email once with pre-approval info
- Days 2-3: Daily check-ins on property search, pre-approval status
- Week 1: Help agent, answer underwriting questions, stay top-of-mind
- After close: Referral request, testimonial, future refinance nurture

Why: Purchase leads either convert fast or disappear. If they don't respond in 48 hours, they likely went with another lender.

Refinance Loan Follow-Up: Spaced and Educational

Timeline:
- First 24 hours: Call once, text once, email savings analysis
- Days 2-7: 2-3 touchpoints with educational content (rate trends, case studies)
- Weeks 2-4: Weekly rate update texts
- Months 2-6: Monthly market insights, refinance reminders

Why: Refinance leads take weeks to decide. Aggressive follow-up feels pushy. Spaced education keeps you top-of-mind without overwhelming.

Common Mistakes Loan Officers Make

Even with fast response, these mistakes kill conversion.

Mistake 1: Treating All Leads the Same

The error: You respond to every lead with "Thanks for your inquiry! When's a good time to talk?"

Why it fails: Purchase leads need urgency, refinance leads need education. Generic outreach converts neither.

The fix: Segment by loan type from first touch. Conduit does this automatically based on the lead's initial intent.

Mistake 2: Over-Pursuing Refinance Leads

The error: You call a refinance lead 5 times in 24 hours because that's what works for purchase leads.

Why it fails: Refinance leads perceive this as desperate and pushy. They ghost you.

The fix: Respect their timeline. Two touches in 24 hours, then space it out. Use AI for light-touch nurture so you don't burn your time.

Mistake 3: Under-Pursuing Purchase Leads

The error: You treat a purchase lead like a refinance lead—polite, patient, waiting for them to call back.

Why it fails: Purchase leads want urgency. If you're not aggressive, competitors are.

The fix: Purchase leads under contract deserve 3-5 touches in 24 hours. They'll appreciate the responsiveness.

Mistake 4: No Differentiation in Qualification

The error: You ask the same questions regardless of loan type.

Why it fails: Purchase leads don't care about break-even analysis. Refinance leads don't care about agent recommendations.

The fix: Use loan-type-specific qualification scripts. Conduit adapts questions based on purchase vs. refinance automatically.

Mistake 5: Manual Response for Both

The error: You personally respond to every lead within 5 minutes.

Why it fails: It's impossible to maintain, especially after hours. When 3 purchase leads and 2 refinance leads come in at 9 PM on Saturday, you can only help one.

The fix: Use AI conversation agents to handle first response, qualification, and nurture for both loan types. You call with context when it makes sense.

Real-World Example: Different Strategies, Different Results

Scenario: Two Leads Come In at 8 PM on Friday

Lead A: Purchase
- Looking at $450K home, under contract, closing in 35 days
- Needs pre-approval letter for lender by Monday
- Already talked to two other lenders

Lead B: Refinance
- Current rate 5.0%, wants to see if they can save money
- No urgency, just browsing
- Filled out the form while watching TV

Without AI: You Respond Manually

What happens:
- You see both leads at 8:30 PM, call both
- Lead A picks up, you spend 20 minutes qualifying, promise pre-approval Monday
- Lead B doesn't answer, you leave voicemail
- Lead A gets pre-approved by another lender Saturday morning (you lost)
- Lead B never calls back (wasted effort)

With Conduit: AI Handles First Response

Lead A (Purchase):
- Conduit engages at 8:01 PM, confirms under contract + 35-day close
- Flags as "urgent" in your CRM
- Sends application link and pre-approval checklist
- You call Saturday morning at 9 AM with context, offer same-day pre-approval
- Result: You win the deal because you were first to qualify and commit to speed

Lead B (Refinance):
- Conduit engages at 8:01 PM, asks current rate and refi goals
- Calculates savings: $150/month, 24-month break-even
- Sends savings analysis and educational content
- Schedules follow-up for Monday (no need to interrupt your Friday)
- Result: Lead is nurtured, you call Monday with full savings analysis ready

The Bottom Line: One Size Does Not Fit All

Speed to lead is essential for both purchase and refinance loans—but the strategy must differ.

Purchase leads need:
- Instant response (sub-60-second AI engagement)
- Aggressive follow-up (multiple touches in 24 hours)
- Pre-approval speed (same-day if possible)
- Human confidence (you're the lender who moves fast)

Refinance leads need:
- Fast response (sub-5-minute acknowledgment)
- Educational nurture (savings analysis, rate trends)
- Patient follow-up (spaced over weeks)
- Value demonstration (prove the refi is worth it)

The loan officers winning in 2026 don't choose between purchase and refinance. They deploy AI conversation infrastructure that handles both—differently.

• Instant engagement for both loan types (Conduit responds in <60 seconds)
• Loan-type-specific qualification (different questions, different workflows)
• Intelligent prioritization (purchase leads escalate faster than refinance)
• Context for human handoff (you call knowing loan type, urgency, and qualification)

You get purchase loan lead response that wins hot deals and refinance lead strategy that converts over time.

Stop treating all leads the same. Deploy Conduit and optimize for both.