Grace is unmerited favor toward us as sinners. We did not merit it and we did not deserve it. Grace is a free gift of God. Without price and without anything to give, God gave us grace. We call it free grace.
Grace has to do with the past, the present, and the future.
We see liberty in the delight of grace. Freedom in the grace of God as it is in the Lord Jesus Christ. When you understand the grace of God, then you begin to live in freedom and liberty. It is God's sovereign grace that caused us to come to Christ. God had His eye on you a long time before you had your eyes on Him.