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That is a very interesting question.  Let’s look at some verses that use these terms.  Leviticus 25:47-48 uses the word ‘redeemed’ in such a way that the meaning is obvious.  That says, “And if a sojourner or stranger wax rich by thee, and thy brother that dwelleth by him wax poor, and sell himself unto the stranger or sojourner by thee, or to the stock of the stranger’s family: After that he is sold he may be redeemed again; one of his brethren may redeem him.”  This speaks of the instance where a man may sell himself into slavery because of his poverty.  It was permitted that if this happened, the man may be ‘redeemed’, or ‘bought back’ by one of his relatives.  We read in Psalms 107:2, “Let the redeemed of the LORD say so…”  Those who have been redeemed by the Lord were encouraged to tell others.  The thought of being redeemed causes us to think about the redeemer, or the one who pays the price to ‘buy us back’ from the grip of sin.  Isaiah 54:5teaches us that the Redeemer is, “…the Holy One of Israel; The God of the whole earth…” 

We learn in Galatians 3:13that, “Christ hath redeemed us from the curse of the law, being made a curse for us: for it is written, Cursed is every one that hangeth on a tree.”  The Lord Jesus Christ is our Redeemer!  What was the price that He paid to redeem us?  1 Peter 1:18-19says, “Forasmuch as ye know that ye were not redeemed with corruptible things, as silver and gold, from your vain conversation received by tradition from your fathers; But with the precious blood of Christ, as of a lamb without blemish and without spot.”  It was the precious blood of the Lord Jesus Christ, shed on Calvary’s tree that satisfied God’s righteous demands for the payment of our sins and has redeemed all who believe on Him.

While the word ‘redeemed’ is used many times in the scriptures, the term ‘born again’ is used only three times.  The Lord Jesus said to Nicodemus in John 3:3, “Jesus answered and said unto him, Verily, verily, I say unto thee, Except a man be born again, he cannot see the kingdom of God.”  He said again in John 3:7, “Marvel not that I said unto thee, Ye must be born again.”  To be ‘born again’ literally means to be ‘born from above’.  This speaks of the new life we have in Christ when we accept Him as our savior.  2 Corinthians 5:17 tells us, “Therefore if any man be in Christ, he is a new creature: old things are passed away; behold, all things are become new.”  When we put our trust in the Lord Jesus, we ‘start all over’ in the sight of God.  We become brand new; we are born again!  1 Peter 1:23speaks of being born again.  That says, “Being born again, not of corruptible seed, but of incorruptible, by the word of God, which liveth and abideth for ever.”  We are not born again through physical birth by the corruptible seed of our parents.  No, we are born again spiritually by the Word of God.  Through the incorruptible Word, we receive the knowledge of the glorious person of the Lord Jesus Christ, and by receiving Him as our savior, we are born again.  We are also born again by the living Word of God, the Lord Jesus.

So, being redeemed speaks of the price that our Redeemer paid to buy us back from the grip of sin.  Gold, silver, or corruptible seed cannot redeem us.  It took the “precious blood of Christ, as of a lamb without blemish and without spot” to redeem us.  Being born again speaks of that new life we have in Christ that is brought about by the redeeming work of the Lord Jesus when He died for us on the cross.  For us, these two things are instantaneous when we put our faith in the Lord Jesus.  We are redeemed and born again when we obey the Word of God, which tells us in Acts 16:31, “…Believe on the Lord Jesus Christ, and thou shalt be saved…”  (132.6)