But when the goodness and loving kindness of God our Savior appeared,
He is such a good God who abounds in lovingkindness and mercy.
He saved us,
We were so deceitful and wicked, desperate for this salvation.
not because of works done by us in righteousness,
Our righteousness is nothing but filthy rags; there is no amount of good works we can do to merit His favor.
but according to his own mercy,
Mercy:1. Compassionate treatment, especially of those under one's power; clemency.
2. A disposition to be kind and forgiving:
by the washing of regeneration and renewal of the Holy Spirit,
We were filthy; He made us clean. Renewal: the conversion of wasteland into land suitable for use of habitation or cultivation.
whom he poured out on us richly through Jesus Christ our Savior,
What a generous God we have who seals us with His Spirit, not leaving us to our own devices after He saves us.
so that being justified by his grace
Justification is God's act of declaring or making a sinner righteous before God.
we might become heirs
I have been adopted by God; once His enemy, now His daughter.
according to the hope of eternal life.
I will live forever with my Savior. He has granted me eternal life. This is my hope.