First time home buyer screw up
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.
Most Popular Reply
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.