I think reason #2 is why I would wait. You can still apply early in your senior year, which is when most people apply early.
Also, for applying early there is Early Decision and Early Action. In general, if you apply Early Decision and get accepted, you are forced to enroll there (hence "binding). With Early Action, you apply early, but you can choose not to enroll if you want. At least, that's the way I always took it.