Here are some potential explanations for increases and decreases to the escrow portion of your monthly payment.
Hazard Insurance: Insurance premium can change due to changes to your coverage or your rate. Please contact your insurance company or your local insurance agent with questions about changes to your premium.
Real Estate Taxes: Real Estate Taxes can change as a result of your property reassessment, a change in your tax rate, or a special assessment. Please contact your local tax office for any questions regarding changes to your real estate taxes.
New Construction: Typically, the first tax bill for a new construction only covers the lot/land. A subsequent bill is generally higher and is based on the fully assessed value which includes the land and the house.
Initial Escrow Deposit: Prior to closing, the escrow portion of the monthly mortgage payment is calculated based on the information available. Available information is usually an insurance quote or premium amount for existing coverage, and tax bill information from the previous year. This amount may turn out to be more or less than the actual bills, resulting in a change to your monthly mortgage payment.