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
 
M & T Bank
(845) 255-7100
191 Main Street
New Paltz, NY
 
Credit Counseling
(212) 777-7377
224 Thompson St
New York, NY
 
UPRS Group, LLC
(888) 660-6740
875 Avenue of Americas
New York, NY
 
Expense Reduction Analysts
(716) 662-1224
124 Middlebury Rd.
Orchard Park, NY
 
M&T Bank
(845) 201-7271
Scotchtown Road Branch,307 Main St.
Goshen, NY
 
AmeriCU
(315) 363-0148
280 Genesee St
Oneida, NY
 
Hudson Heritage Federal Credit Union
(845) 561-5607
243 Main Street, Suite 160
New Paltz, NY
 
Budget & Credit Counseling Svce
(718) 295-1313
55 5th Ave
New York, NY
 
MHV Federal Credit Union
(845)-336-4444, ext. 2903
5 Wingate Way
Highland, NY