THE financial reform bill still awaits final touches from the Senate, but now that Congress appears to have agreed on most of the principles in the new legislation, mortgage borrowers can get a glimpse of future lending practices.

And here’s the upshot: if you’re a financially sophisticated borrower who doesn’t mind taking risks with your money, the legislation may not be welcome. But most other borrowers will enjoy some improved protections.

Many changes expected in the federal legislation won’t take effect for a year or more, according to John A. Courson, the chief executive of the Mortgage Bankers Association. The federal government, for instance, must first establish a new regulatory body, the Consumer Financial Protection Bureau, which would oversee consumer loans, among other things. But in the meantime, many lenders have already begun changing their practices, Mr. Courson said, anticipating passage of the financial reform bill.

For instance, at least two categories of mortgage are already disappearing: interest-only loans and stated-income loans. Mr. Courson explained that both loan types would almost certainly fall short of the government’s definition of “qualified” mortgages, and, therefore, be quickly shunned by all lenders once the new law took effect.