"Let us, therefore, come boldly unto the throne of grace, that we may obtain mercy and find grace to help in time of need" (Hebrews 4:16).
"Grace" is defined as "favor; good-will; the free and unmerited favor of God; good disposition proceeding from Divine favor; a state of reconciliation to God." Using GRACE as an acronym, we see it as God's Riches At Christ's Expense. Grace always flows down from God to fallen man. Grace is a gift from God to an undeserving, unworthy sinner.
There is common grace, prevenient grace, saving grace and transforming or sanctifying grace. Common grace is God allowing the sun to rise on the evil as it does the good and the rain to fall on the unjust as it does on the just (Matthew 5:45; Acts 14:17). This grace is demonstrated in God's relationship with His creation.
Prevenient grace is the grace that precedes or anticipates repentance, but which disposes the heart of man to seek God. Prevenient grace is God's preparatory work in the heart of a sinner that precedes their conversion. It's like putting a magnet in an item to make it thereafter attracted to metal. Prevenient grace prepares one to receive saving grace (Ephesians 2:5; Colossians 2:13; James 1:17-18; 1 Peter 1:3).
Saving grace is the grace is the gift of God that comes to the repentant sinner and saves them (Ephesians 2:8) and it is the grace that justifies (Titus 3:5-7; Romans 3:23-24), that imputes, or puts to the account of the believing sinner, the righteousness of God (Romans 4:4-5), that imparts a new nature (Ephesians 2:8-10) and instructs the believer (Titus 2:11-12).
Sanctifying grace is the grace that comes from God to the believer when they pray in faith for it (Hebrews 4:16). Sanctifying or transforming grace empowers or enables the believer in their weakness and helplessness to overcome the world, the flesh, and the devil, in order that they might do the Father's will. Peter said, "But grow in grace and in the knowledge of our Lord and Savior Jesus Christ" (2 Peter 3:18). To grow in grace is to grow in the Spirit and in holiness. To grow in grace is to grow into an ever increasing likeness to Jesus Christ.
"But the God of all grace, who hath called us unto his eternal glory by Christ Jesus, after that ye have suffered for a while, make you perfect, establish, strengthen, settle you" (1 Peter 5:10).