Definitely. “It is best to shop around and compare lenders as well as things like terms and rates,” Kumar says. “Furthermore, if you refinance, your closing costs will often be less.” Lastly, before applying for home equity financing, if you work to increase your credit score, you can qualify for better terms, including lower closing costs. Overall, it is always in your best interest to research the available options before deciding which is best for you and your family.