Fixed Rate:
A fixed rate home loan is probably the most popular mortgage applied for by home buyers. A fixed rate loan has a finance charge that never changes for the life of your loan. There is a peace of mind knowing your monthly payment will not change. Most people combined this with a 30 year note to have the smallest payment. The down side to a longer term loan is the rate is always higher and the amount of interest paid over the life of the loan is considerably more that a 15 or 10 year mortgage.
A shorter term home loan like a 15 year note is popular for people who are refinancing. This type loan gets a lower rate, pays down your note much faster but has a larger payment than the 30 year note. Some people who are just stretching to get into a house opt for a 45 year house mortgage. They are expensive long term but you can refinance with a short house loan after your pre-payment penalty time frame has expired.
Variable Rate Mortgages
A variable rate house loan is used for a short term house loan most of the time. They will have a fixed rate for a short time, normally 2-5 years. After which the interest rate will go up or down depending on current prime rates.  A good example is a family that needs a cheap home loan now but they are counting on their income increasing so when the loan matures they can roll over to a fixed rate home loan.
A feature of a variable rate house loan is a balloon clause. After a certain amount of time the entire note comes due. If rates are up or you have had a change in your credit or income status you won’t be able to roll into a new loan and you will lose your home.

Which is best for me?

The best option a short term fixed rate house loan. You will get a good rate and pay down your Principe faster that build equity. If you don’t qualify then get into a 30 year house loan and prepay a small amount each month. Even if it is $25.00 a month that creates equity in your house and shows you are a low risk which also builds credit.