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.

Bank of America
(845) 255-6830
1 New Paltz Plaza
New Paltz, NY
 
Ca Cheuvreux North America corporated
(212) 468-7200
1301 Avenue Of The Americas Bsmt 2
New York, NY
 
Merchants First
(800) 575-6293
85 Lafayette Avenue
Suffern, NY
 
Lheron Peter A
(585) 546-8170
11 N Goodman Street Ste 10
Rochester, NY
 
Affordable Legal Centers LLC
(585) 269-4239
45 Exchange Blvd Suite 713
Rochester, NY
 
Hudson Valley Federal Credit Union
(845) 463-3011
159 Barnegat Road
Poughkeepsie, NY
 
Harvard Credit Forum
(212) 255-5500
888 8th Avenue, Suite 208
New York, NY
 
Oneida Savings Bank
(315) 363-2000
182 Main Street
Oneida, NY
 
Sekharan Law Office PC
(585) 272-7007
2540 Brighton-Henrietta Townline Rd
Rochester, NY
 
American Credit Alliance
(516) 752-2272
137 E 56th St
New York, NY