Interest Rate Advice: Big vs Little Guys

[Len Roche]

Hello all,

I just got qualified for a Wells Fargo 30 year mortgage on a $200,000 purchase limit with 20% down for a small multifamily investment property. This is my first interaction with the conventional financing system. I haven't gotten the details, but the pre-approval letter should be sent soon. I don't have to worry about a high debt to income ratio as this will be my first purchase, I have zero debt, and my wife and I have good W2 income.

Since the interest rate on a mortgage can have a big impact on cash flow, I figured shopping around for different quotes would be prudent. I have 7 small local banks near me and can work with the big guys through the phone if necessary. I started with Wells Fargo as they are my primary bank and I have a good relationship with them.

Is there a general rule of thumb for interest rate offered by banks, big or small?

How should I cast the net with my mortgage search among the different banks I have access too? 

Assuming apples to apples comparisons, I am only considering the interest rate they offer, is this a mistake?

Any Recommendations for banks you have worked with in the past?

Thank you,

Len Roche