Your question is difficult to answer because it lacks key relevant facts. Below is an attempt to help you get started on your issues.
There are not many competitive HELOC products available today, especially if the combined loan to value (LTV) is high. Unfortunately, you did not mention two crucial variables: A) What is the value of the home? B) How much do you owe on the first mortgage?
Basically, the advice from Wells Fargo is a solid plan given the information you shared. If you roll everything into a first mortgage and take as much of the $3,000 a month in savings possible and add it to your monthly payment, this will significantly shorten the 15-year term.
If I knew what your new loan amount would be, I could run an amortization schedule to inform you how many years the additional payments would cut into the 15-year term.
If you can afford the payments, you should also consider a 10-year fixed mortgage. I believe this will provide you with monthly savings and only extend the first mortgage three years.
I hope this information helps you Find. Learn & Save.
Best,
Bill
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