Hope is believing that something may happen, and longing for it.
Hope is welcoming from the distance, that that is not yet.
Hope is the emotion we attach to things we want to happen.
Hope is one of the three things remaining at the end (I Corinthians 13).
It is not as great as love.
Faith is also worthless without love. "2 And though I have the power of prophecy, to penetrate all mysteries and knowledge, and though I have all the faith necessary to move mountains-if I am without love, I am nothing." I Corinthians 13 New Jerusalem bible http://www.catholic.org/bible/book.php?id=46 24 October 2007
And so, faith, and hope play a part, but neither should be overestimated. Faith is believing in the unseen on God's authority. Hope is hoping for the realization of the promises of God. When the unseen, unheard, waited for become real, then... Is there any need left for Faith or hope? Hope, therefore is vital to salvation. The purpose of hope is to save us, in trusting the words of faith, in love, and hope.