Standard conventional mortgage question

[William Howley]

Hi, I am putting conventional loan bid on a property. I have a pre-qual from one bank, and have a term sheet. I want to know if someone can give me some typical terms they have come across. For example, this loan is 20% down, 20 year mortgage and is only 5 year term. The 5 year term confused me because this means that in 5 years if rates go up they could come back and re negotiate the terms to the higher rate. I really want to lock in the current low rates that we have into a long term loan so I don't have to worry about refinancing it later. Is this something that is possible with conventional loans? Should I expect to pay a higher interest rate on a conventional loan than an FHA loan? I would think it should be lower, because the bank is essentially risking less due to the high capital requirement, at the same time they are risking more from it not being a primary residence. Any advice as far as what to look for as far as terms such as average % down, average time frame, average term, average % etc, would be helpful.