The terms loan modification, streamline refinance and streamline mortgage are terms that sometimes get mixed up in use. For some borrowers, the idea of a streamline refinance or loan modification is a simple process to go from point A — the current loan and interest rate — to point B — the same loan with a lower interest rate and lower monthly mortgage payment. In this process the homeowner expects that the fees will be low and well below going to a new lender to refinance the loan.