I'd have to give more thought to a complete solution, but as a handy optimisation, I wonder whether it might be worth pre-computing a table of frequencies of digrams and trigrams (2- and 3-letter combinations) based on all the words from your dictionary, and use this to prioritise your search. I'd go with the starting letters of words. So if your dictionary contained the words "India", "Water", "Extreme", and "Extraordinary", then your pre-computed table might be:
'IN': 1
'WA': 1
'EX': 2
Then search for these digrams in the order of commonality (first EX, then WA/IN)