Nadia, Contrary to "Hi's" response. There very likely is instant equity in the home. It's just that lenders are really watching their loans and PMI insurance carriers have almost doubled their payments to cover current losses.
This will eventually ease and you will be able to get money out of your home. We just cannot guarantee equity at this time.
Nadia - Check with your lender. It will depend on your loan program/requirements. Mortgage underwriting guidelines are getting a lot tighter which could have you waiting longer to tap into your instant equity.