con and pros of payingoff your mortgage

[Tom Hall]

I would like to know the prons and cons of paying off the mortgage faster to be honest i do hate the fact that my mortgage rate is high almost 7%.  

I would like to have lower monthly payments should I make a big lump sum payment towards my principals and ask my mortgage company to adjust it or refinance it or which one is the best ? 

or why i shouldnt be making a big payment towards my principals to lower my monthly payments? 
Also, is there any predection for mortgage rates going down?