Romans 5 & Assurance of Salvation?

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st_felicity

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Romans
Chapter 5
1 1 Therefore, since we have been justified by faith, we have peace 2 with God through our Lord Jesus Christ, 2 through whom we have gained access (by faith) to this grace in which we stand, and we boast in hope of the glory of God. 3 Not only that, but we even boast of our afflictions, knowing that affliction produces endurance, 4 and endurance, proven character, and proven character, hope, 5 and hope does not disappoint, because the love of God has been poured out into our hearts through the holy Spirit that has been given to us.

Verses 1 and 2: Are Catholic and Protestant definitions of these things at odds?

Justified = what?
Faith = what?
Grace = what?
Hope = what?

Verses 3 through 5: As a Catholic, I read these as saying–suffer with the Lord and persevere and you have hope for salvation because of God’s great mercy. How does a Protestant read it–does he read it as Hope=Assurance?
 
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