Final answer:
A financial institution that accepts deposits and offers home mortgages is called a commercial bank and savings association, with the latter also known as savings and loans or thrifts. Credit unions are similar but are nonprofit entities owned by their members.
Step-by-step explanation:
A financial institution that accepts checking and savings deposits and provides home mortgages is a c) commercial bank and savings association. These institutions are closely related to credit unions; however, they differ primarily in their structure and focus. Commercial banks serve a broad customer base, including individuals and businesses, receiving deposits and making various loans. Savings associations, also known as savings and loans or thrifts, particularly focus on housing-related loans, including homebuyers and real-estate developers and builders. On the other hand, a credit union is a nonprofit organization owned by its members, offering deposit and lending services primarily to its members.