The amplitude of the N400—an event‐related potential (ERP) component linked to meaning processing and initial access to semantic memory—is inversely related to the incremental buildup of semantic context over the course of a sentence. We revisited the nature and scope of this incremental context effect, adopting a word‐level linear mixed‐effects modeling approach, with the goal of probing the continuous and incremental effects of semantic and syntactic context on multiple aspects of lexical processing during sentence comprehension (i.e., effects of word frequency and orthographic neighborhood). First, we replicated the classic word‐position effect at the single‐word level: Open‐class words showed reductions in N400 amplitude with increasing word position in semantically congruent sentences only. Importantly, we found that accruing sentence context had separable influences on the effects of frequency and neighborhood on the N400. Word frequency effects were reduced with accumulating semantic context. However, orthographic neighborhood was unaffected by accumulating context, showing robust effects on the N400 across all words, even within congruent sentences. Additionally, we found that N400 amplitudes to closed‐class words were reduced with incrementally constraining syntactic context in sentences that provided only syntactic constraints. Taken together, our findings indicate that modeling word‐level variability in ERPs reveals mechanisms by which different sources of information simultaneously contribute to the unfolding neural dynamics of comprehension.