Hi
I am looking for a home equity. We have located a home to buy and the seller accepted our offer. The appraisal came higher than our offer (which is very in these days, generally appraises to purchase price). We do need a little extra money for certain projects (such as a new car for our newborn). The bank with which we have mortgage loan sanctioned says, they can consider for equity after one year and not now and they also say that the equity, according to them will be based on the purchase price and not the appraised price. We called another bank, and the loan officer says, home becomes immediately eligible for equity, provided it has an equity in it and that we have the papers ready in our name. Can any one suggest how do we do this (in Michigan). Also, if we go to another bank after some time, what is the basis for equity, is it the appraised price, purchase price, or the SEV (after having lived in that home).
Thanks
