Radak: If all of Yisrael will fear Him, His salvation will be close, for the Ge'ulah depends on Teshuvah - "v'Shav Hashem Es Shevusecha", "Ki Sasuhuv El Hashem Elokecha b'Chol Levavcha uv'Chol Nafshecha" (Devarim 30:3, 10). Shevusecha" (Devarim 30:3).

Malbim: The salvation will not be via Chesed alone, without merit of the generation. Then, the salvation is far from those who fear Him, for it did not come from them, rather, from Hashem above. When it is via Emes, Yere'av bring it and it is attributed to them. Rather, it will be due to Chesed and Emes. It is close to Yere'av, but also to Hashem, so it is called Yish'o (His).

Radak: This shows that this Mizmor refers to our Galus, for the honor did not dwell in Bayis Sheni. Chazal expounded (Yuma 21b) "v'Ertzeh v'Ekavdah" (Chagai 1:8) - it is written v'Ekaved, and we pronounce it v'Ekavdah. The missing Hei alludes to five differences between Bayis Rishon and Sheni (they were missing in Bayis Sheni) - (a) Aron, Kapores and Keruvim, (b) fire [from Shamayim], (c) Shechinah, (d) Ru'ach ha'Kodesh and (e) Urim v'Tumim. When the redeemer comes and the Bayis is built, the honor will dwell there - "v'Shachanti b'Soch Bnei Yisrael v'Lo E'ezov Es Ami Yisrael" (Melachim I, 6:13). Also "Ki Hashem Elokei Yisrael Ba Vo" (Yechezkel 44:2) refers to the honor that will be in the [third] Beis ha'Mikdash.

Malbim: (a) It is honor in our land, for the salvation was not via pure Chesed. (b) Lishkon (it will dwell permanently), for it was partially via His Chesed.