The new housing bill won't provide fast relief. These mortgage tools can help you right now

It may take time for Americans to feel the impact of a sweeping new bipartisan housing affordability bill that became law on July 10. However,there are ways you can start saving today, even in a supply-constrained, pricey market.

The measure, dubbed the 21st Century ROAD to Housing Act, includes more than 50 provisions aimed at increasing home supply, bolstering affordability and making it easier to improve the existing stock. The bill does this mainly by helping to establish a national best-practice framework for housing affordability efforts on several fronts that local and state governments can follow.

“It will build more housing, bring down costs, and stop private equity from buying up single-family homes for the first time ever,” Sen. Elizabeth Warren (D-Massachusetts), who co-sponsored the bill, said in a statement. “Our country’s housing crisis demands more action, and Democrats are ready to do more to address America’s affordability crisis.”

However, an expert told CNBC Select that while the new bill will spur supply increases across the country, it may taketime before prospective and existing homebuyers see the effects.

“The measure will likely not revolutionize housing markets overnight because construction still takes time regardless and because many of the provisions of the bill simply create incentives that still need to be taken up,” Jeanna Kenney, an assistant economics professor at Villanova University, said in a statement. “But I am optimistic that there are certain pockets of the U.S. that will, over time, benefit from this.”

Below, Select explains some parts of the bill that will directly impact homeowners and homebuyers. And while you wait, we highlight other ways to save on the cost of buying or maintaining a home and building an additional unit to your property.

At Select, we like Better Mortgage for exactly that reason — its rates are consistently below average. Plus, it’s quick to close, with an average timeline of 19 days from application to closing day, nearly half of the national average.

We also like credit unions such as FourLeaf Credit Union and Navy Federal Credit Union for this reason. Credit unions are member-owned financial institutions, so every dollar the bank earns goes back into improving products for members. For that reason, they tend to boast lower-than-average rates on their mortgage products.

FourLeaf is a great option for those who are struggling to find a credit union they qualify for, as many have strict requirements. To become a member, all you need to do is open an account and deposit $5.

We like Navy Federal, especially for veterans and service members. It offers some of the lowest VA loan rates on the market, making it perfect for someone looking to save.

Consider an FHA loan

These Federal Housing Administration-insured loans are easier to qualify for than conventional loans and usually come at a lower rate.

All you need is a 3.5% down payment — lower than the 5% typically required for a conventional loan — and a credit score of 580 or higher — a much lower threshold than the typical 620 required for conventional loans.

Unlike other government-backed mortgages, like VA or USDA loans, you don’t need to buy a home in a specific ZIP code or serve in the military to qualify.

If this option sounds good to you, we suggest considering Rocket Mortgage, one of the largest FHA lenders in the country. Rocket is known for its excellent customer service and easy-to-use website and mobile app.

AtCNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed financial decisions. Every mortgage article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of the products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.