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An initial escrow deposit is the amount that you will pay at closing to start your escrow account, if required by your lender. This initial amount may be different from what you pay monthly to maintain the escrow account.
With a standard first mortgage, the payment consists of the principal repayment, 1/12th of the property tax, 1/12th of the homeowner's insurance payment and interest. Of these, your taxes and insurance payments are held in a trust account with the lender, called the escrow account. When refinancing, you have to decide what to do with your previous escrow account, and whether or not to escrow your refinanced loan.