Fearing God for Who He is in Our Life

Mary, the Mother of Jesus, sings that God's mercy goes to those who fear God (Luke 1:46-50). That fear means a profoundly solemn respect by those who have  a correct estimate of God's greatness and one's own unworthiness. 

Recognizing that God is so holy and mighty and that we are so guilty and weak is what leads us to conclude that we have nothing but God's mercy on which to depend. [See also Genesis 22:12; Psalms 66:16; Ecclesiastes 8:13, 12:13; Luke 23:40: 1Peter 2:17; Revelation 14:7]

Is the saying "No Fear - No Grace" correct?