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UW Credit Union Introduces Rapid Refinance Program for Home Loans

Madison, WI – March 26, 2009 – UW Credit Union is introducing a program called Rapid Refinance for members looking to refinance their home loans without paying traditional closing costs.

Rapid Refinance will allow members who are planning on paying off their loans within 15 years to lock into a low, fixed rate for only $79, saving them hundreds of dollars of closing costs over traditional home loans. A new, streamlined loan process will significantly speed up the closing process and reduce the documentation required to get the loan closed.

“We are excited to be able to offer this service to our members who want to take advantage of today’s great home loan rates,” said Mike Long, vice president of lending. “These members will now be able to refinance their homes when it otherwise may not have made sense financially due to high closing costs.”

Rapid Refinance is available for loans up to $125,000 and will feature a 12-year term with a low, fixed rate and no prepayment penalties. An online calculator is also available at uwcu.org so people can compare their Rapid Refinance payments to a traditional home loan.

“Members are encouraged to use our online calculator to determine if Rapid Refinance is right for them, and to see how much they would save,” Long said.

People interested in Rapid Refinance can visit UW Credit Union’s Web site for more information and to apply.


UW Credit Union is a growing, federally insured financial institution and a leading provider of affordable home loans, education loans, and consumer loans to University of Wisconsin communities. UW Credit Union’s 347 employees serve the financial needs of more than 130,000 members through world-class technology systems, and through a convenient network of 15 branch locations and more than 75 ATMs. With assets totaling more than $1 billion, UW Credit Union is ranked nationally among the leading credit unions. Founded over 75 years ago by members of the University of Wisconsin community, UW Credit Union continues to operate as a not-for-profit, member-owned financial cooperative with locations in the Madison, Milwaukee, Stevens Point, Green Bay and Whitewater areas. Visit UW Credit Union at uwcu.org to learn more.