01 -
In a medium saucepan over medium heat, melt the butter. Add cream cheese and stir continuously until fully melted and smooth.
02 -
Pour in the evaporated milk while stirring constantly to create a homogenous mixture.
03 -
Gradually add shredded cheddar and Monterey Jack cheeses in batches, stirring continuously until the mixture is smooth and fully melted.
04 -
Mix in garlic powder, onion powder, and paprika. Stir in diced jalapeños or green chilies if using.
05 -
Taste and adjust seasoning as needed. Transfer to a serving vessel or slow cooker to maintain warmth.