Jamieson, Fausset and Brown on Ephesians 1:7

7. In whom--"the Beloved" (Ep 1:6; Ro 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 (Ro 3:24), namely, from the power, guilt, and penal consequences of sin (Mt 1:21). If a man were unable to redeem himself from being a bond-servant, his kinsman might redeem him (Le 25:48). Hence, antitypically the Son of God became the Son of man, that as our kinsman He might redeem us (Mt 20:28). Another "redemption" follows, namely, that "of the purchased possession" hereafter (Ep 1:14).

through his blood--(Ep 2:13); as the instrument; the propitiation, that is, the consideration (devised by His own love) for which He, who was justly angry (Is 12:1), becomes propitious to us; the expiation, the price paid to divine justice for our sin (Ac 20:28; Ro 3:25; 1Co 6:20; Col 1:20; 1Pe 1:18, 19).

the forgiveness of sins--Greek, "the remission of our transgressions": not merely "pretermission," as the Greek (Ro 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--(Ep 2:7); "the exceeding riches of His grace." Compare Ep 1:18; Ep 3:16, "according to the riches of His glory": so that "grace" is His "glory."