Final answer:
Explanation of cosigner, collateral, and mortgage in lending practices.
Explanation:
Cosigner is another person or firm who legally pledges to repay some or all of the money on a loan if the original borrower does not. Collateral refers to something valuable, often property or equipment, that a lender can seize and sell if the borrower does not repay the loan. A mortgage is a special type of loan where the borrower purchases real estate with borrowed funds, using the property as collateral.
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