Plan to live in the same home for many years. Plan to make purchase while rates are low.

Low interest rate over a long period of time. Since you're going to be making payments for years to come, your best strategy may be a fixed rate loan and paying points to get your rate as low as possible.

Plan to sell or refinance your home in just a few years.

Avoid points and closing costs since the difference in interest payments won't typically make up for your out-of-pocket costs at closing. Also try for a smaller down payment. A fixed period ARM is a good choice for holding rates down for a set number of years.

Want to pay off home loan in a few years.  Consider paying off home as best use of available cash. 

Shorter term loans such as a 15 year fixed rate home loan are a smart way to ensure you can use income for other goals later in life (plus you build equity faster).

Want to budget for a fixed payment each month.

A fixed rate loan has a principal and interest payment that stays the same for the entire term of the loan.

Comfortable with periodic changes to interest rate if it means you can get a lower interest rate or afford more home now.

Adjustable rate mortgages are a great solution for people with incomes that are going to grow and will quickly refinance or be able to afford a larger payment in a few years should interest rates rise.