The quick answer is to get a 30 year fixed. Then, save the difference in payment in your investment or retirement account or use the savings difference to more quickly payoff any higher rate debt like credit cards or student loans.
Because it typically takes 6 to 7 years of lower payments to recoup the upfront cost of paying discount fees, it is usually not worth it. Most homeowners refinance, sell or otherwise payoff their loan before breaking even. There are only a few instances where it makes sense to pay discount points to buy down the rate. Call for details.
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