Begin by placing a medium saucepan over low heat. Add the softened cream cheese along with the shredded sharp cheddar and Monterey Jack cheeses. Stir continuously with a wooden spoon for about 5 minutes, or until the mixture is completely melted and smooth.

Next, gently fold in the sour cream, diced tomatoes, and green chilies. Sprinkle in the ground cumin, garlic powder, chili powder, salt, black pepper, and cayenne pepper. Mix everything together thoroughly.

Continue to cook the mixture on low heat for an additional 2-3 minutes, stirring frequently to prevent sticking.

Once your Cheese Dip is hot and blended, remove the saucepan from heat. Transfer the dip to a warm serving bowl and enjoy immediately with tortilla chips or fresh veggies.