Just want to share my experience in home ownership.
I built a home, so I needed a construction loan that would then turn into a home mortgage loan.
We took the loan out for 30 years. We did an adjustable rate.
Couple of things on an adjustable rate. One, the interest rate is lower than a fix rate. There are usually 1-3-5 year arm, here is more information on how they work: Adjustable Rate Mortgage
The adjustable rate worked really well for us. Most people don't even consider it, and I believe they should. We had a 2% cap on the loan, so that even if the index went higher than the 2% our interest rate could only be raised by the 2%.
I can not stress this enough-Do the math and see what will fit your needs the most. Ask questions!!! Don't let them intimidate you.