Lender being Shady

[Morgan Truitt]

Hey all, 

I am closing on my first property in less than two weeks. My PMI has changed 3 times, supposedly my lender had included my 2nd income but during under writing this was changed to not be included, since I have not been working both jobs for 2 years. I knew that they couldn't include the 2nd income based off what other lenders I have talked to said. Is it true that your PMI will change based on your debt to income?

For reference my original PMI on my cost illustration was $60, I had asked him to verify this since all of the other mortgage lenders were higher (~ $100+). After I had decided to go with this mortgage company the PMI went up to $138. I was told that if i put more of a down payment that the PMI will go down, so instead of putting 3% I decided to put 5%. The PMI then changed to $107. The most recent cost estimate now has the PMI at $156. Is this normal?

Also, is it possible to change the mortgage lender this close to closing (Friday 5/26)?