Commentaries:
"Redemption" implies the payment of a ransom. We have been redeemed or bought back.
"Through His blood" reminds us that making the New Covenant cost Him His life (I Corinthians 11:25).
Forgiveness here suggests "to be loosened from bondage." The Greek word-picture is of somebody who is tied up by cords or ropes. Have we, as Christians, been loosened from a political entity, as the Israelites were redeemed from Egypt? No. Were we in bondage to another human being? No. Have we been freed from sin? Yes, that is what held us in bondage. The word translated "sins" is paráptoma, which indicates deviations from the right path. We have been held in bondage by our deviations from the right path, but now we have been loosed or freed from that bondage according to His grace.
John W. Ritenbaugh
The Awesome Cost of Salvation
His Word declares that in His love He predestined us "according to the good pleasure of His will." It does not say that He predestined us according to what He foresaw we would become, that He chose us because we were from a particular ethnic group, or that He picked us because of some mark of intelligence, character, looks, ability, or any other quality. Just as in Deuteronomy 7:7-8, His calling of us occurred out of the good pleasure of His will. He gave to us the same privileges and opportunities as He did to Jacob rather than Esau, and they were extended on the same basis - by God's election following the counsel of His own will and not by our works.
John W. Ritenbaugh
The Sovereignty of God: Part Three