First time home buyer screw up

[Bentley Denman]

A little back story: About a year ago i moved to hinesville Ga, about an hour away from Savannah. I bought my first home using the VA loan for 0% down. I didn't have the best credit so my interest rate was put at 7.125% on a home worth $275,903.00. I currently serve in the Army so i receive $2019 to put towards housing costs. My monthly mortgage payment is $2365. I figured this to be a decent deal at the time considering i only have to pay $349 out of pocket, but i am quickly finding that this was a less than ideal purchase. I am able to put an extra payment on the principle every year in order to chip away at it early on, but i plan on getting out of the military around the back end of 2025. I don't want to sell the house because i like the area, in fact i want to purchase more homes to flip or rent out in the area, but i need to free up some capital. Any creative recommendations to lower the monthly mortgage payment by $500-$700 in the near future or am i going to have to sell and use what i made from forced appreciation to start again?

Side note: we have improved some things around the house to provide forced appreciation.

[Hamp Lee III]

Since the interest rates are lower, try the VA Interest Rate Reduction Refinance Loan (VA IRRRL). With this loan, you can refinance to a lower interest rate. With the right lender, it only takes a couple weeks.

Here’s the link for more info: https://www.va.gov/housing-assistance/home-loans/loan-types/...

Your current lender may offer this, but check around.

I used the VA IRRRL in 2018.

I wish you all the best.