Any extra money you have, please apply first to your Non-tax preferred debt. Credit cards, high interest rate loans etc. After this debt is eliminated, deposit any extra money into your Emergency Fund, until you have at least 6 months reserves.
Let me know if you have any additional questions.
Home Buyer's Advocate
Buyers Real Estate Group, Inc
Most people don't consider inflation when borrowing and looking at interest rates, but investors sure do. I would think the 30 year is the best route and then if you want just do extra payments if that makes you comfortable.
Just a thought....
Now please, don't misread my comments, there is nothing wrong with a 5/1 or 7/1, but the fact that you state you are staying in the property 10 years is a good indication that an ARM is the last thing you need. If you want the 5/1 or the 7/1 because you believe you need the lower rate to qualify, well that won't work either because debt ratios are not calculated at that lower rate and even if they were, that would be a terrible move on your part and an indication that you are buying too much house or overextending yourself on your current house.