Second Mortgage and 401(k) Loan Syracuse NY

I have thought about taking out $50,000 out of my 401(k) to pay off my second mortgage. My thought behind this is that I will be paying myself the interest rather than the bank. I have calculated what the payment would be and can afford this. Why does this sound too good to be true? You may be able to get a better interest rate, but that's the only good thing about the idea, says the Debt Adviser.

Allstate Merchant Services
(917) 687-3359
40 Rector Street
New York, NY
 
RapidTrade International
(718) 444-8722
1495 E. 96th Street
Canarsis, NY
 
Robert A Schwartz
(585) 301-4686
2468 E Henrietta Rd
Rochester, NY
 
Riverside Bank
(845) 454-5511
11 Garden Street
Poughkeepsie, NY
 
Hudson Valley Federal Credit Union
(845) 463-3011
159 Barnegat Road
Poughkeepsie, NY
 
Affordable Legal Centers LLC
(585) 377-6890
45 Exchange Blvd Suite 713
Rochester, NY
 
Greenpath Debt Solutons
(718) 239-4783
3250 Westchester Ave Ste 126
Bronx, NY
 
New York State
(585) 258-4505
109 S Union St
Rochester, NY
 
Elaine Ramos, LCSW
(845) 255-8014
42 North Chestnut Street
New Paltz, NY
 
Financial Success Coach
(212) 861-0261
352 Seventh Avenue
New York, NY