@DrDinosaur, I’d also add two more good reasons to apply early action:
it usually offers competitive applicants a more favorable admission rate (Georgetown is a notable exception)
if there’s good news from your EA school(s) it’ll make your winter break a lot less stressful
One caveat: make sure your EA schools are the “plain vanilla” kind, not the restrictive kind which will place constraints on where else you can apply simultaneously. HYPS, Notre Dame, Georgetown and Boston College are examples of schools with restrictive (some call it single choice) early action programs, and in the case of HYPS, applying early action there means you can’t apply to other private early action programs in parallel.
@maddan9497, Notre Dame is indeed a restrictive action school (REA), but I think you’ve got restrictive early action confused with early decision (ED). No REA schools prevent you from attending a different school (that’s ED), they restrict where else you can apply if you apply REA to that school. At Notre Dame, you cannot apply early decision to any other school if you apply REA to Notre Dame.
What I meant to say is that Notre Dame is not an Early Decision (ED) school. I am aware of Notre Dame’s rules, which is why my child will apply early to ND, and Regular Decision (RD) to schools that are ED schools. That way they will be free to choose any school accepting them.