But how do you decide which loan only paid it down and which one paid it off? If you are closing two loans simultaneously that together pay off one loan (and all are dwelling-secured), then again, i'd equate it to an 80/20 piggyback purchase loan. In that scenario, the 80% loan doesn't buy the home by itself, nor does the 20% loan. But both get reported as purchases. For that matter, a normal 80% purchase loan doesn't buy a home by itself either; it along with the downpayment does. It doesn't matter (again, IMO) that a loan needs help to accomplish the purchase or refinance.
I'm fixin' to fix that.