Greek definitions of Redemption are as follows:
Therefore our redemption was a price that was paid to loose us from bondage, to destroy the yoke, break our chains, remove our shackles and melt away our fears.
We have been redeemed!
But by whom?
The Lord - God of Israel; Christ, (the Anointed One and/or His anointing), King Jesus.
Who is "we"?
We that were under the law.
We who are called.
We who have the firstfruits of the Spirit.
We have been redeemed from the curse of the law and from all iniquity.
By what means?
By his grace: Jesus became the mediator between the Father and us; By Jesus being made a curse for us being hung upon a tree; By means of death; through the blood of Jesus, the forgiveness of sins; .
Through Jesus carrying his own blood into the Holy Place.
For the redemption of the transgressions that were under the first covenant.
So that we might receive the adoption as sons.
So that we might receive the promise of eternal inheritance.
The forgiveness of sins.
To purify unto Himself a people for his own, zealous of good works.
In what measure?
According to the riches of his grace.
But the total fulfillment of redemption will not take place until Jesus comes back to redeem (us) the purchased possession.
Until then, we are instructed to "grieve not the Holy Spirit of God, by whom you are sealed unto the day of redemption." The Holy Spirit is the guarantee of our inheritance. That's exciting! Why not thank the Lord, right now and shout: "I have been redeemed!"