The right mortgage for you is based solely on your personal circumstances and preferences. You can get a fixed rate mortgage if you want to know exactly how much you're paying every month. If you're open and able to deal with a changing rate, you can get a variable rate mortgage. A variable rate starts out steady, and changes according to your lender's decision after the initial period ends (which generally lasts anywhere from 3-10 years). Your closing costs will also be a percentage of your total mortgage cost, and should be factored in when considering the size of the mortgage you want to take out.