GRACE - A new era

Dake's Annotated Bible mentions that after the birth of Christ, this era is the 'Dispensation of Grace'.

Now, as I read the Old Testament this week, I encountered my favorite verse 2 Chron 7:14 again:
If my people who are called by My name
- humble themselves
- and pray,
- and seek My face
- and turn from their wicked ways,
then I will 
- hear from heaven,
- will forgive their sin,
- and heal their land.
So in the Old Testament era, we need to do 4 things, then God will do 3 things.

Now, in the New Testament, my favorite verse is John 3:16:

For God so loved the world, that He gave His only begotten Son, that whoever believes in Him should not perish, but have eternal life.
So in the New Testament era, we do not have to do anything.  We just believe in Him.

This is Grace.  We are saved NOT because we deserve it, NOT because we work for it.  

It sounds funny and too simple.  But the LORD is near to all who call upon Him. (Ps 145:16).  Dispensation of Grace.