"That if you confess with your mouth, "Jesus is Lord," and believe in your heart that God raised him from the dead, you will be saved. For it is with your heart that you believe and are justified, and it is with your mouth that you confess and are saved". (NIV)
"Redemption" in the biblical sense means “to deliver by paying a price”. In the Old Testament, redemption meant freedom from obligation, bondage or danger. Redemption could be obtained many ways. Redemption could come by using a bribe, by paying off a ransom or by the exchange of large sums of money, even by the extension of a favor, or through a reconciliation.
In the Old Testament, redemption was applied to property, enslaved people, animals, and the nation of Israel. In the New Testament, redemption referred to salvation from the bondage of sin, death and the wrath of God because of sin. The bondage in sin was in three areas: the body, the psyche (mind), and in the spirit. Christ’s death on the cross at Calvary redeemed us from the penalty of sin, which was death. At this present time in Dispensation, Jesus as he stands at the right hand of God as our high priest and intercessor. Through the “Sanctification Process”, Jesus is redeeming us from the power sin had and (in some areas of our lives) still have (we are completely perfected yet) in us. Because of the redemptive work Christ did on Calvary’s Cross for our salvation, at our “physical" death, we will be both physically, psychologically and spiritually “redeemed from the presence of sin.
In the Old Testament, money was used as the primary way of redeeming property outside of sin, For the redemption from sin however, God required a payment of blood given from the sacrificing of a lamb and a “bloodied” scapegoat for the redemption for sin. The same is true for the New Testament. Jesus had to shed his blood on the cross to redeem us from sin. His precious blood became an “atoning” sacrifice for us. The bible calls Christ the “propitiation” for our sins because he volunteered to shed his blood on our behalf. (Romans 3:25) Only his blood was suitable for our redemption, because no other blood could do it.
The following is a quote from Hodges Systematic Theology as it was written in the definition and synopsis in the Easton Bible Dictionary: “Christ's blood or life, which he surrendered or them, is the "ransom" by which the deliverance of his people from the servitude of sin and from its penal consequences is secured. It is the plain doctrine of Scripture that "Christ saves us neither by the mere exercise of power, nor by his doctrine, nor by his example, nor by the moral influence which he exerted, nor by any subjective influence on his people, whether natural or mystical, but as a satisfaction to divine justice, as an expiation for sin, and as a ransom from the curse and authority of the law, thus reconciling us to God by making it consistent with his perfection to exercise mercy toward sinners". Our redemption from sin was paid in full by the precious blood of Jesus.