From a lender's perspective the process is not much different between the two. However, from a legal view point there is a major difference.
A "Purchase Money" Mortgage in the state of AZ gives you certain protections in the case of a foreclosure, providing that the property meets certain requirements.
A refinance may or may not give you the same protection against judgments in the case of a foreclosure depending if you took "Cash Out" of your property and did not reinvest it to improve the property.
David Rider (NMLS 200787)
Please see my website for legal information.