"Therefore being justified by faith, we have peace with God through our Lord Jesus Christ: By whom also we have access by faith into this grace wherein we stand and rejoice in hope of the glory of God."
“Therefore being justified by faith,”
Without faith in Jesus Christ, there can be no salvation.
“We have peace with God through our Lord Jesus Christ:”
Christ has made our “peace with God.”
“By whom also we have access by faith into this grace wherein we stand,”
We have access to stand in this grace, only by faith. We “stand” in grace because we have faith in the Person and Work of the Lord Jesus Christ. His grace comes by faith in Him. Remember that grace is never deserved for it then would be of merit and not grace. The fact that we can never do anything to “deserve grace” gives us a glimpse of the Savior’s love and generosity toward sinners. He gives us that which we can never achieve, He gives us grace!
“Grace (God’s undeserved favor towards us) is not only the means by which we are saved, it is also a description of our present standing before God. It is not only the beginning principle of the Christian life it is also the continuing principle of the Christian life. ‘We stand translates a perfect tense, used in this sense of the present, and with the thought of a continuing attitude.’”  (Morris)
Because of Jesus Christ, we have access to God’s grace.
“And rejoice in hope of the glory of God.”
The Greek word translated as “rejoice” means “to glory (whether with reason or without), to glory on account of a thing, to glory in a thing”  (Thayer).
“Rejoice in hope of the glory of God.”
“Hope” for the child of God is a real and sure thing. It is the opposite of the child who lives in the tropics and “hopes” it will snow.
“Hope never implied uncertainty for Paul. J.B. Philipps translates hope as happy certainty”  (Guzik).
We believers glory, we triumph in the happy certainty of the glory of God!
Marvelous Grace of Our Loving Lord 
By Julia H. Johnston
1 Marvelous grace of our loving Lord,
grace that exceeds our sin and our guilt,
yonder on Calvary’s mount out-poured,
there where the blood of the Lamb was spilt.
Grace, grace, God’s grace,
grace that will pardon and cleanse within;
grace, grace, God’s grace,
grace that is greater than all our sin.
2 Dark is the stain that we cannot hide,
what can avail to wash it away!
Look! there is flowing a crimson tide;
whiter than snow you may be today. [Refrain]
3 Marvelous, infinite, matchless grace,
freely bestowed on all who believe;
you that are longing to see his face,
will you this moment his grace receive? [Refrain]
 Morris as quoted by David Guzik. David Guzik’s Enduring Word Commentary, the electronic version in eSword.
 J.H. Thayer, Thayer’s Greek Definitions, the electronic version in eSword.
 Guzik, ibid.
 “Marvelous Grace of Our Loving Lord,” Author: Julia H. Johnston (1911); Tune: MOODY (Towner). Copyright Status, Public Domain.