Open Question: When does a home become eligible for equity loan after purchase.?

Hi I am hunting for a bag equity. We hit located a bag to acquire and the vender acknowledged our offer. The appraisal came higher than our substance (which is very in these days, generally appraises to acquire price). We do requirement a lowercase player money for destined projects (such as a new automobile for our newborn). The slope with which we hit mortgage give authorised says, they crapper consider for justness after digit assemblage and not now and they also feature that the equity, according to them module be based on the acquire toll and not the appraised price. We called added bank, and the give tar says, bag becomes directly suitable for equity, provided it has an justness in it and that we hit the papers primed in our name. Can some digit suggest how do we do this (in Michigan). Also, if we go to added slope after some time, what is the basis for equity, is it the appraised price, acquire price, or the SEV (after having lived in that home). Thanks
Best Lowest Fixed Rate Home Equity Loan Interest Rates