Ephesians 1:7

In whom--"the Beloved" (Eph 1:6; Rom 3:24). we have--as a present possession. redemption--Greek, "our (literally, 'the') redemption"; THE redemption which is the grand subject of all revelation, and especially of the New Testament (Rom 3:24), namely, from the power, guilt, and penal consequences of sin (Mat 1:21). If a man were unable to redeem himself from being a bond-servant, his kinsman might redeem him (Lev 25:48). Hence, antitypically the Son of God became the Son of man, that as our kinsman He might redeem us (Mat 20:28). Another "redemption" follows, namely, that "of the purchased possession" hereafter (Eph 1:14). through his blood-- (Eph 2:13); as the instrument; the propitiation, that is, the consideration (devised by His own love) for which He, who was justly angry (Isa 12:1), becomes propitious to us; the expiation, the price paid to divine justice for our sin (Act 20:28; Rom 3:25; Co1 6:20; Col 1:20; Pe1 1:18-19). the forgiveness of sins--Greek, "the remission of our transgressions": not merely "pretermission," as the Greek (Rom 3:25) ought to be translated. This "remission," being the explanation of "redemption," includes not only deliverance from sin's penalty, but from its pollution and enslaving power, negatively; and the reconciliation of an offended God, and a satisfaction unto a just God, positively. riches of his grace-- (Eph 2:7); "the exceeding riches of His grace." Compare Eph 1:18; Eph 3:16, "according to the riches of His glory": so that "grace" is His "glory."

— Jamieson-Fausset-Brown Commentary (public domain)