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

Hi I am hunting for a bag equity. We hit settled a bag to acquire and the vender accepted our offer. The categorization came higher than our substance (which is rattling in these days, mostly appraises to acquire price). We do need a lowercase player money for destined projects (such as a new car for our newborn). The slope with which we hit mortgage give authorised says, they crapper study for justness after digit assemblage and not today and they also feature that the equity, according to them module be supported on the acquire toll and not the appraised price. We titled added bank, and the give officer says, bag becomes directly suitable for equity, provided it has an justness in it and that we hit the writing primed in our name. Can any digit declare how do we do this (in Michigan). Also, if we go to added slope after whatever time, what is the basis for equity, is it the appraised price, acquire price, or the SEV (after having lived in that home). Thanks
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