MADISON, Wis. (3/27/09)--UW CU is introducing Rapid Refinance, a program 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 $79, saving them hundreds of dollars of closing costs over traditional home loans. A new, streamlined loan process will speed up the closing process and reduce the documentation required to get the loan closed, the credit union said. “These members will now be able to refinance their homes when it otherwise may not have made sense financially due to high closing costs,” said Mike Long, UW CU vice president of lending. Rapid Refinance is available for loans up to $125,000 and will offer a 12-year term with a low, fixed rate and no prepayment penalties. An online calculator also is available so members can compare their Rapid Refinance payments to traditional home loan payments. UW CU, based in Madison, Wis., has $1.08 billion assets.