The Streamline Refinance program allows FHA-approved lenders to refinance current FHA-insured loans to a lower interest rate or to a different type of mortgage (fixed- or adjustable-rate mortgage). Streamline Refinance refers only to the amount of documentation and underwriting that the lender must perform; it does not mean that there are no costs involved in the transaction. Borrowers may elect not to provide income and credit documentation in exchange for a smaller discount on their interest rate.