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.

Provident Bank
(845) 294-8353
60 Matthews Street
Goshen, NY
 
Credit Advocate Counseling Corp
(212) 260-1450
237 1 Ave E 14th St
New York, NY
 
AmeriCU
(315) 363-0148
280 Genesee St
Oneida, NY
 
American Credit Alliance
(516) 752-2272
137 E 56th St
New York, NY
 
Ulster Savings
(845) 338-6322
180 Schwenk Drive
Kingston, NY
 
Harvard Credit Forum
(212) 255-5500
888 8th Avenue, Suite 208
New York, NY
 
Sekharan Raja N
(585) 272-7007
2540 Brighton Henrietta Townline Rd
Rochester, NY
 
American Credit Alliance Inc
(718) 727-0711
37 E 56th St
Brooklyn, NY
 
Budget & Credit Counseling Svce
(718) 295-1313
55 5th Ave
New York, NY
 
NY Pawnbrokers Inc
(718) 292-4686
301 E 149th St
New York, NY