Here "by faith" refers to our trust in Jesus, which allows us to stand before God. Alternate translation: "Because we trust in Jesus, God allows us to come into his presence"
Here the word "hope" is a person's confident expectation that what he desires really will happen. The abstract noun "hope" can be translated here with the verbs "confidently expect" or "confidently wait" or "trust." Alternate translation: "we rejoice because we confidently expect to share in the glory of God" (See: [[rc://en/ta/man/translate/figs-abstractnouns]])