Insert text link from library?

I know you can insert an image from your Media library into a post but is there any way to insert a text link from your Links library? I have sites that I will be linking to frequently so I didn’t have to go through this manually every time.

I also thought that if I included all the site, their links and descriptions in my Links Library then I could change them whenever I wanted and it would reflect in the link wherever that was in my Blog.

Any ideas?