WARM THE SOLES QUARTERLY SNAPSHOT MORTGAGE UPDATE 2020 ANNUAL MEETING

IN THIS ISSUE

IT’S BETTER HERE

MONEYMATTERSWINTER EDITION 2020

Our Warm the Soles event was a huge success this year because of members like you. Thank you for making such a profound contribution to our community.

Thanks to your donations, University Credit Union was able to coordinate holiday events for underserved youth and provide more than 800 pairs of brand new shoes. For many of these children, this is the only time all year that they receive new shoes and your gift of “warm soles” makes a sincere and lasting impact on each and every child.

Thank you for making Warm the Soles a success and for making the holidays warmer and happier for hundreds of kids. You made the difference!

MAKING A POSITIVE IMPACTON OUR COMMUNITY

WARM THE SOLES

It’s almost a new year and University Credit Union is excited to announce a new location! We are growing steadily and looking forward to opening our new St. George branch in 2020. Keep your eyes open for our brand new building in beautiful southern Utah, 400 N Bluff Street in St. George, Utah.

University Credit Union also received some major awards. Thanks to our amazing community, we were voted City Weekly’s #1 Best Commercial Mortgage Company, #2 Best Credit Union Lender, #2 Best Bank for Small Businesses and #2 Best Company to Work For.

We’re also spreading winter cheer! As you get ready to celebrate the holidays, remember that University Credit Union offers amazing Visa rewards including 3X rewards on all purchases at Sam’s Club and Costco. We also offer Skip-a-Pay on qualifying loans so you can treat yourself and your loved ones to an extra special holiday season. Visit us online, at a branch, or call 800-481-8800 for more information

QUARTERLY SNAPSHOTWINTER UPDATE

Choosing to refinance your home is a big decision that can have a big impact on your life. Luckily, we’re here to help! Here’s a look at the major benefits most borrowers experience after refinancing a mortgage.

1. LOWER MORTGAGE RATE – If mortgage rates have decreased or your credit has improved since you took the original mortgage loan, refinancing is a great way to lock in a lower rate. Even a few percentage points can save you thousands of dollars over the life of your loan. 2. BETTER MORTGAGE TERMS – The majority of borrowers take mortgages with 30-year terms. But that’s a long time to pay interest on a high-dollar loan. For this reason, many homeowners refinance to a 15-year mortgage which would enable them to payoff the loan faster and with considerably less interest over time. 3. REDUCE MONTHLY PAYMENT / REMOVE PMI – Refinancing your mortgage for a lower interest rate is a sure way to reduce your monthly house payment, but there are two other ways that refinancing can shrink your month-to-month expenses. While many people refinance to shorten terms, you can also refinance to lengthen them. In this scenario, your payoff date is further out and your monthly payment goes down. Please note though, although that approach can save money in the short term, in the long run, it costs more. You may also be able to refinance to eliminate PMI. PMI, or private mortgage insurance, is required for most mortgages. It’s designed to reduce risk for lenders but it can also be expensive for borrowers. If you have more than 20% equity in your home, you can refinance your mortgage loan to eliminate your PMI payment. 4. ACCESS YOUR EQUITY – If you have a healthy amount of equity in your home, a cash-out refinance can be a great way to borrow against the equity you’ve earned. This gives you access to funds for any purpose like home improvements, investment opportunities or debt consolidation. It’s a safe, low rate and tax deductible way to borrow money. In short, refinancing your home loan can be a powerful way to change your finances. If you’re ready to learn more about how refinancing your mortgage can help you strengthen your own finances, visit our website or call us at 801-481-8800. We’re excited to help you take control and have a brighter financial future.

4 WAYS A MORTGAGE REFI CAN BENEFIT YOU

MORTGAGE UPDATE

Federally Insured by NCUA.NMLS #654272

The Annual Members’ Meeting of University Credit Union will be held on Thursday, April 23, 2020. In conjunction with the Annual Meeting, an election for the University Credit Union Board of Directors will be held. The Nominating Committee has made the nominations below.

Terry Turner - RetiredStatement of QualificationsI have been a member of University Credit Union for more than 36 years. I have served as a volunteer for the Credit Union on both the Credit Committee and Board of Directors for more than 31 years. I worked for the University of Utah Hospitals & Clinics for 39 years prior to retirement. My responsibilities included, but were not limited to: department management and supervision, contract oversight and management of the procurement of equipment, supplies and services for all of the University of Utah Hospitals & Clinics entities. I would be honored to continue my service to our members.

Phil Janovak - RetiredStatement of QualificationsI have spent 50 years in the credit union industry; 30 years as President of University Credit Union. During my career, I have served as a National Director of the Credit Union National Association. I have served as Board Member, Secretary and Treasurer for the Utah League of Credit Unions. I was founder and first chairman of Access 24, the statewide ATM network, which is now part of the service free CO-OP ATM Network. I have served on the University Credit Union Board of Directors for 23 years and would be honored to continue to serve our members.

Notice to IRA OwnersWITHHOLDING NOTICE (Form 2317)Payments from your IRA are subject to federal income tax withholding, unless you elect no withholding. You may change your withholding election at any time prior to your receipt of a payment. To change your withholding election, contact us for the appropriate form. Withholding from IRA payments, when combined with other withholding, MAY relieve you from payment of estimated income taxes. However, your withholding election does not affect the amount of income tax you pay. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are insufficient.

Voting will be held at the Annual Meeting. Nominations from the floor will not be accepted. Members interested in running for the Board of Directors must submit a petition to the Secretary of the Board signed by 500 University Credit Union members by the close of business on February 13, 2020. The petition must be accompanied by a completed Statement of Qualifications form as well as an Acceptance Certification signed by the nominee. These forms and petition requirements must be picked up from the Credit Union main office (3450 S. Highland Dr., Suite 201, Salt Lake City) and are available beginning January 2, 2020.

Secretary of the BoardUniversity Credit UnionP.O. Box 58666Salt Lake City, UT 84158-0666

Send petitions and required forms to:

Board members cannot be monetarily compensated, and are collectively liable for the actions of the Board both during and after serving on the Board of Directors.

2020 ANNUAL MEETINGFIRST NOTICE OF THE