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in this hope we were saved

"it was so that we might confidently wait for this that we were saved" or "we were saved that we might trust God to do this"

this hope

The phrase "this hope" refers to the hope of our adoption, the redemption of our bodies (8:23).

Now hope that is seen is not hope

"If we already have what we hope for, that is not hope" or "If we have what we want, we would not say that we hope for it"