Rom 5:1,2 Therefore, since we have been justified through faith, we have peace with God through our Lord Jesus Christ, through whom we have gained access by faith into this grace in which we now stand. And we rejoice in the hope of the glory of God.

Justification is by faith and not by works, just a Paul said to Peter, "We know that a man is not justified by observing the law, but by faith in Jesus Christ. So we, too, have put our faith in Christ Jesus that we may be justified by faith in Christ and not by observing the law, because by observing the law no one will be justified." Gal 2:16 Consequently we have peace with God. This peace is not simply a feeling of tranquility. Though it does include that as Jesus said, "Peace I leave with you; my peace I give you. I do not give to you as the world gives. Do not let your hearts be troubled and do not be afraid." John 14:27 and as Paul said, "Do not be anxious about anything, but in everything, by prayer and petition, with thanksgiving, present your requests to God. And the peace of God, which transcends all understanding, will guard your hearts and your minds in Christ Jesus." Php 4:6 But more significantly the peace we have with God is an ending of hostility between us and God. And this, not because of a change of behavior or compliance to rules and regulations, but rather this justification, this ending of hostility between us and God is a free gift accepted simply by faith in God's grace though Jesus Christ.

For we have gained access to the throneroom of God, to the presence of God by faith into this grace in which we now stand. Actually "now stand" is more accurately "have been standing" as the verb is in the perfect tense. For a Christian's standing with God is not something which varies from time to time, but has always been the case since they first believed.

Given such a status as we have with God, who can but rejoice in anticipation of the glory yet to be revealed. (Again, "hope" here is not wishful thinking, but rather the feeling of anticipation of that which one believes will occur) What affects your rejoicing in this matter? Is it that you're not sure you have been saved? Is it that someone has misled you into believing you can or have lost your salvation? Rest assured, believe the gospel and rejoice in anticipation of the grace to be give you. "For he who promised is faithful." Heb 10:23

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Benefits of Suffering

Rom 5:3,4  Not only so, but we also rejoice in our sufferings, because we know that suffering produces perseverance; perseverance, character; and character, hope.

In his parable of the sower Jesus describes the good soil in this way, "the seed on good soil stands for those with a noble and good heart, who hear the word, retain it, and by persevering produce a crop." Luke 8:15 Producing a good crop is partly a function of one's persevering. And with perseverance comes maturity.

The development of a proven character comes not so much from Bible study, but from enduring through the suffering associated with applying the Bible to life, whether it be the suffering associated with the exercise of self-control over the flesh, or from enduring the opposition from the world, or the spiritual attacks from the devil. It is inevitable that perseverance will be an issue in living the Christian life.

But with endurance comes a proven character, and the confidence and reputation which comes from such. Paul wrote of Timothy, "You know his proven character, that as a son with his father he served with me in the gospel." Php 2:22 

The Christian's hope is a function of how confident they are that they are a believer. So as Paul said, "Examine yourselves to see whether you are in the faith; test yourselves. Do you not realize that Christ Jesus is in you— unless, of course, you fail the test?" 2Cor 13:5, and as Jesus said, "Each tree is recognized by its own fruit." Lk 6:44, a proven character invokes Christian hope in that it gives the Christian the confidence that they are in fact a believer. Thus Paul said to the Thessalonians, "We know, brothers loved by God, that he has chosen you,  because our gospel came to you not simply with words, but also with power, with the Holy Spirit and with deep conviction." 1Th 1:4,5 and he goes on to list the evidences of their being chosen, one of which he mentions, "You became imitators of us and of the Lord; in spite of severe suffering" 1Th 1:6a

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The Spirit, a Guarantee

Rom 5:5 And hope does not disappoint us, because God has poured out his love into our hearts by the Holy Spirit, whom he has given us.

There are many who with false expectations set their hopes on things of which are uncertain. But not so with regards to the hope inspired by the Holy Spirit of the guaranteed destiny of those who have put their faith in Christ. "He anointed us,
 set his seal of ownership on us, and put his Spirit in our hearts as a deposit, guaranteeing what is to come." 2Cor 1:21b-22 and "we know that we live in him and he in us, because he has given us of his Spirit." 1John 4:13  "And if anyone does not have the Spirit of Christ, he does not belong to Christ." Rom 8:9

The word "disappoint" is Greek word which means "to make ashamed". It's used 12 times in the New Testament in this sense. For example Rom 9:33b "the one who trusts in him will never be put to shame." Therefore don't be ashamed of your hope in the gospel, but rather proclaim it boldly in the face of opposition. For He who has promised is faithful, and your destiny secure in Christ.

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Christ Died for the Ungodly

Rom 5:6-8 You see, at just the right time, when we were still powerless, Christ died for the ungodly. Very rarely will anyone die for a righteous man, though for a good man someone might possibly dare to die. But God demonstrates his own love for us in this: While we were still sinners, Christ died for us.

Christ didn't die for good people but for the ungodly. If you reckon yourself a good person, it wasn't for you that Christ died. He died for sinners.  Jesus said to them, "It is not the healthy who need a doctor, but the sick. I have not come to call the righteous, but sinners." Mk 2:17

As for verse 7,  granted that Paul had previously said, "There is no one righteous, not even one" Rom 3:10 and "there is no one who does good, not even one" Rom 3:12, yet there are such when speaking in human terms. For example of Barnabus it is written, "He was a good man" Acts 11:24a and Joseph "was a righteous man" Mt 1:19b Yet all have fallen short of God's standard and thus in need of salvation. But if one were to die for another, you would think the person they were to die for are not their enemies. But God did.

Verse 8 answers the question many may ask as to how God demonstrates his love for us, God demonstrates his love for us in that while we were still sinners, Christ died for us. Even of Paul's personal experience he says, "Here is a trustworthy saying that deserves full acceptance: Christ Jesus came into the world to save sinners— of whom I am the worst. But for that very reason I was shown mercy so that in me, the worst of sinners, Christ Jesus might display his unlimited patience as an example for those who would believe on him and receive eternal life." 1Tim 1:15,16

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Saved from God's Wrath

Rom 5:9-11 Since we have now been justified by his blood, how much more shall we be saved from God’s wrath through him. For if, when we were God’s enemies, we were reconciled to him through the death of his Son, how much more, having been reconciled, shall we be saved through his life! Not only is this so, but we also rejoice in God through our Lord Jesus Christ, through whom we have now received reconciliation.

Jesus' blood is central to the New Covenant as he said at the last supper, "This cup is the new covenant in my blood, which is poured out for you." Lk 22:20 For "Jesus also suffered outside the city gate to make the people holy through his own blood." Heb 13:12 For "God presented him as a sacrifice of atonement, through faith in his blood." Rom 3:25a

And since believers have been justified, we are no longer subject to wrath. Jesus said, "I tell you the truth, whoever hears my word and believes him who sent me has eternal life and will not be condemned; he has crossed over from death to life." John 5:24 For "Jesus, rescues us from the coming wrath." 1Th 1:10b "For God did not appoint us to suffer wrath but to receive salvation through our Lord Jesus Christ." 1Th 5:9

But what does he mean by "how much more"? If it is a trustworthy saying that Christ's blood justifies sinners, how much more certain is the security of those who have been reconciled with God and consequently no longer declared enemies of God, which subtly implies the doctrine of Eternal Security. For how could one rejoice if salvation were on such shaky ground as our own behavior rather than upon faith in his blood?