Q. I went through a broker to refinance my mortgage, and it has taken more than 40 days so far. I have excellent credit. How long should refinancing take?

A. It's not uncommon for refinancing to take a couple of months from the time you apply until you sign the final papers.

Refinancing is no different than getting a loan to buy a home. Your new lender will want to evaluate your finances and the home's appraisal just as carefully.

That's especially true if you live in a distressed market -- one that is suffering from a high foreclosure rate and steep drop in home prices.

About 9,600 ZIP codes in 34 states, including every ZIP code in California, Florida, Nevada and Arizona, are considered distressed by at least some major lenders.

Call your broker and ask whether something is slowing down the approval. Offer to answer any questions the lender might have.

Whether you're buying a home or refinancing an existing mortgage, we have a mortgage calculator that can help you make the right decisions.