I am trying to use a mail merge with the following if then statement and it
is returning the false response on everything even if the result is true. Am
I writing the formula wrong. I am using ctrl - F9 to insert { }.

Here is the formula:

{ IF{ MERGEFIELD Purpose_LOANPURPOSE } = "Purchase" "Purchase" "Refi"}

so if the field is purchase the result should be purchase and if it is not
then the result is refi.